Kim Heng (SGX:5G2) secured a loan facility worth around SG$9 million from its chief executive officer and controlling shareholder, Thomas Tan Keng Siong, according to a Friday filing with the Singapore Exchange.
Siong has a 40.32% stake in the company and has granted the loan at an interest rate of 7% per year, with a repayment period of three years.
Meanwhile, the company said that the loan will be used for working capital needs and to explore business opportunities.
Shares of the company were down over 2% at the close of Friday trading.
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