GSH gets loan facilities of up to S$150m, with condition that Sam Goi remains controlling shareholder

GSH Corporation has obtained loan facilities of up to S$150 million in an agreement dated Dec 31, 2020, the mainboard-listed property developer announced on Sunday.

In a regulatory statement, the company said that the agreement requires that the controlling shareholder Sam Goi Seng Hui and his family including his siblings do not reduce their stakes in GSH to 35 per cent or below.

They also should not lose their control of the casting of at least 35 per cent of the maximum number of votes that might be cast at a general meeting.

And if any shareholder or group of shareholders acting in concert owns a greater stake in GSH than that held by the Mr Goi and his family members, that would be deemed a breach of the agreement as well.

The unnamed lender could demand GSH repay the loan, if any of the conditions on the control of GSH is breached.

GSH closed S$0.188, unchanged, on Thursday.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL