Jasper shareholder to take over US$700,000 loan, turning it into 2.89% stake

SINGAPORE - Jasper Investments shareholder Phang Chung Wah has taken over a US$700,000 loan (S$951,405) owed to Polaris Nine and will capitalise it into Jasper shares at 0.85 Singapore cent per share, the company announced in an exchange filing on Sunday night (June 24).

The capitalisation of S$1.1 million, representing the outstanding principal amount plus accrued interest, will give Mr Phang about 125.9 million shares, representing a 2.89 per cent stake in the enlarged share capital of Jasper, a provider of transport services for the infrastructure industry. According to Jasper's 2017 annual report, Mr Phang already held a 1.08 per cent interest in Jasper as at June 19, 2017.

The per-share price of the capitalisation matches the 30-day volume-weighted average price of Jasper's stock, the company said. That price is a 21.4 per cent premium to Jasper's last traded price of 0.7 Singapore cent as at June 22.

Polaris Nine is Jasper's controlling shareholder with a 37.9 per cent stake as at October 2017. It took over the loan in 2016 from Triton Investments No 9, another Jasper shareholder. The company approached Polaris in April 2017 to capitalise the loan, which Polaris had agreed to at the time.