TORONTO, Sept. 25, 2015 /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, 2015 to September 19, 2016. 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.
The Company also announces that the amount of its unsecured revolving loan obtained from Sunford Finance (HK) Limited (the "Loan") was increased from HK$8,000,000 to HK$12,000,000. Other terms and conditions of the Loan 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. Dr. Jonathan Koon Shum Choi also controls Sunford Finance (HK) Limited.
The Debentures and the Loan each constitutes 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 and the Loan because the Company and the relevant parties required time to negotiate the amendment terms.
About Sunwah International Limited
Sunwah International Limited (TSX: SWH) is a strategically positioned asset-based financial services provider, linking the global investment community with China's high growth economy. Backed by prominent Hong Kong based conglomerate, Sunwah Group, a key element of the Company's growth strategy involves identifying and advancing select international opportunities that are poised to benefit from proliferating consumerism in China and development in key areas of Southeast Asia. Sunwah International is uniquely positioned to capitalize on this demand and the global economic changes stemming from this shift, leveraging a 25-year track record and an extensive relationship/strategic investor network throughout Asia. The Company operates from six offices located in Hong Kong, Beijing, Shanghai, Shenzhen, Macau and Toronto.
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 188. 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, the Company is listed on the Toronto Stock Exchange under the symbol SWH.
SOURCE Sunwah International Limited
For further information: Kristen Humphrey, Sunwah International Limited, (416) 888-2323, [email protected]