Emerging Towns & Cities Secures SGX Waiver for Full Equity Loan Settlement; Shares Up 4%

MT Newswires

06/03

Emerging Towns & Cities Singapore (SGX:1C0) has secured a key regulatory waiver from the Singapore Exchange Regulation (SGX RegCo) regarding earlier undertakings in connection with a convertible loan agreement with Luo Shandong, according to a Tuesday bourse filing.

Shares of the property developer were up over 4% in Wednesday trading.

The real estate developer obtained an official "no objection" notice regarding the waiver of restrictive compliance undertakings dating back to 2018.

Following the approval, the company has preserved its cash reserves, with the loan amount of around SG$1.2 million settled through the issuance of 204.9 million shares at SG$0.09 per share.

Under the previous undertakings, Luo was in line to become the company's largest shareholder following the conversion of his loan. However, the company now has a new controlling shareholder, Cao Yongyan, who has a 22.34% stake in the company.

In light of the possibility of Luo exercising his right to convert the outstanding loan amount into company shares on or before May 25, the company had applied for a waiver of the undertakings.

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