Mermaid Maritime Public Company Limited has proposed consolidating six shareholder loans into a single facility of about 95 million Singapore dollars with its controlling shareholder, Thoresen Thai Agencies Public Company Limited.

The unsecured term loan will carry a fixed interest rate of 7% a year, lower than the current 9% default rate, and will be repaid quarterly from Mar, 31 2026 to Dec, 31 2030. No new funds will be disbursed.

Because TTA holds roughly 68.39% of Mermaid Maritime’s shares, the deal is classified as an interested person transaction. The additional interest cost of about 20 million Singapore dollars represents approximately 8.7% of the group’s net tangible assets, triggering the need for independent shareholder approval.

Stirling Coleman Capital Limited has been appointed independent financial adviser, and an extraordinary general meeting will be called to vote on the proposal. The company cautioned there is no certainty the restructuring will proceed and advised investors to exercise care when trading its shares.