SINGAPORE - E-waste management company Metech International on Thursday (Jan 10) said that it has borrowed another $2 million of bonds through crowdfunding platform FundedHere.
The subscribers of the bond issue are accredited investors as defined under the Securities and Futures Act of Singapore, and Watiga Trust Pte Ltd has been appointed as trustee to handle the funds on their behalf.
According to FundedHere's web site, the bond bears an 8 per cent coupon with a two-year maturity. Metech is also required to redeem $1 million of the principal after the first year.
The trust deed, which regulates the bondholders' rights and obligations, was signed on Thursday between the company and trustee Watiga Trust. Disbursement of the proceeds is expected within three business days.
Simon Eng, as Metech's executive director and group CEO, as well as the controlling shareholder of the firm, has pledged his shares in the company as security for the bonds.