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Yujin International - Loans from Related Parties

RNS Number : 5675Y
Yujin International Ltd
18 May 2016
 

18 May 2016

 

yujin international ltd.

("Yujin" or the "Company")

LOANS FROM RELATED PARTIES

Yujin International Ltd., the AIM listed company, announces that it has received loans from an entity substantially owned by Kavita Capital Ltd, the majority shareholder of the Company as well as from directors of the Company. The funds were applied by the Company for working capital purposes in contemplation of the recently completed restructuring exercise.

Details of the loans are as follows:

·     secured short term loan from HLS Holdings Pte Ltd ("HLS"), an entity substantially owned by Kavita Capital Ltd, a majority shareholder of the Company with more than 50% of the issued share capital, of SGD700,000 (approximately USD500,000 at advancement of loan) provided to Yujin Bravo Pte Ltd, a subsidiary of Yujin, on 6 March 2015. 

 

The loan was secured against the vessel MT Team Bee and has since been partially repaid with SGD400,000 outstanding at the date of the recent restructuring of the Company*. Interest on the loan was 6% per annum from March 2015 to August 2015, 7.5% per annum from September 2015 to October 2015 and 6.5% per annum from November 2015 and April 2016.;

 

·     unsecured loan from Capt. Liew, a director of the Company, of SGD500,000 (approximately USD370,000 at advancement of loan) on 12 February 2015. Interest on the loan was 6% per annum and the loan was repaid in full in August 2015;

 

·     unsecured loan from Capt. Ting, a director of the Company, of SGD280,000 (approximately USD200,000 at advancement of loan) on 18 December 2015.  Interest on the loan was 6% per annum.  The loan has since been partially repaid with SGD180,000 outstanding at the date of the recent restructuring of the Company*; and

 

·     unsecured loan from Capt. Liew, a director of the Company, of SGD280,000 (approximately USD200,000 at advancement of loan) on 18 December 2015. Interest on the loan was 6% per annum.  The loan has since been partially repaid with SGD180,000 outstanding at the date of the recent restructuring of the Company*.

Subsequent to the completion of the Yujin restructuring announced on 4 April 2016, the outstanding loans from HLS and the directors have been transferred to Yujin Holdings Pte Ltd.

Related Party Transaction

As HLS is an entity substantially owned by Kavita Capital Ltd, a majority shareholder of the Company with more than 50% of the issued share capital, and Capt. Ting and Capt. Liew are directors of Yujin, the arrangements described above constitute related party transactions under the AIM Rules for Companies. The Board, other than Capt. Ting and Capt. Liew, having consulted with Cantor Fitzgerald Europe, the Company's nominated adviser, consider the terms of these arrangements to be fair and reasonable insofar as shareholders are concerned.

 

For further information please contact:

 

Yujin International Ltd.                                                                                 Tel: 00 (65) 6226 2963

Keen Whye LEE 

Or visit www.yujininternational.com

 

Cantor Fitzgerald Europe

David Foreman / Rick Thompson / Michael Reynolds                      Tel: 020 7894 7000

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Quick facts: Yujin International

Price: -

Market: AIM
Market Cap: -
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