Ho is the executive chairman, CEO and executive chairman of Mary Chia, while Su is the executive director and chief financial officer of the group.
Both Ho and Su had extended loans to Mary Chia for working capital purposes, where $2.1 million from Ho’s loan and some $0.3 million from Su’s loan remains outstanding and unpaid as at Dec 18.
The conversion price of 2.1 cents per share is at a 8.7% discount of the weighted average price of the company’s shares on Dec 17 of 2.3 cents.
The price was arrived at after considering the group’s prevailing market conditions, financial performance and recent share price.
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The conversion shares represent 41.33% of the existing share capital of the company, and 29.24% of the company’s enlarged share base.
The proposed issuance of conversion shares constitutes an interested person transaction.
Shares in Mary Chia closed flat at 2.3 cents on Dec 18.
