TORONTO, Sept. 23, 2016 /CNW/ - Sunwah International Limited,TSX: SWH (the "Company"), an Asian based financial services firm, announces that it has extended the maturity date of the Company's 8% unsecured debentures with a principal amount of CAD6,000,000 (the "Debentures") for one year from September 19, 2016 to September 19, 2017. Other terms and conditions of the Debentures, including its interest rate of 8% and the payment of the arrangement fee of 1% of the principal amount of the Debentures, remain unchanged.
CAD4,500,000 in principal of the Debentures is beneficially owned or controlled by Dr. Jonathan Koon Shum Choi and CAD1,500,000 in principal is beneficially owned or controlled by Mr. Michael Koon Ming Choi. Mr. Michael Koon Ming Choi is related to Dr. Jonathan Koon Shum Choi and both of them are directors of the Company.
The Debentures constitute a related party transaction that complies with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemption from minority approval requirements as set out in Section 5.7(1)(f) of MI 61-101.
There was less than 21 days between the date of filing the related material change report and the amendments of the Debentures as the Company and the relevant parties required time to negotiate the amendment terms.
About Sunwah International Limited
Sunwah International Limited (TSX: SWH) is a Hong Kong based financial services provider, focused on linking the international investment community with Asia's highest growth economic regions. The organization's primary Hong Kong based subsidiary, Sunwah Kingsway Capital Holdings Limited, is listed on the Stock Exchange of Hong Kong under the stock code 00188. Sunwah Kingsway is licensed to provide a range of financial solutions in Hong Kong and abroad that include award-winning brokerage services and innovative corporate finance offerings.
Founded in 1990, Sunwah International represents the financial services division of Sunwah Group, one of Asia's most prominent multi-national conglomerates.
SOURCE Sunwah International Limited
For further information: Kristen Humphrey, Sunwah International Limited, (416) 888-2323, [email protected]