Yujin International Ltd Loans from Related Parties (5675Y)
18 May 2016 - 5:47PM
UK Regulatory
TIDMYUJ
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
END
MSCDVLBFQEFXBBF
(END) Dow Jones Newswires
May 18, 2016 03:47 ET (07:47 GMT)
Yujin Int (DI) (LSE:YUJ)
Historical Stock Chart
From Mar 2024 to May 2024
Yujin Int (DI) (LSE:YUJ)
Historical Stock Chart
From May 2023 to May 2024