SINGAPORE (May 20): Aspen (Group) Holdings has entered into an agreement with Haitong International Financial Products (Singapore) to raise up to US$11 million ($14.8 million) via a convertible loan agreement.

The proceeds will be used to finance Aspen’s investments in its associate company Global Vision Logistics in Shah Alam; the construction of the Central Park located in Aspen Vision City; investment in associate company Bandar Cassia Properties (SC) as well as other development projects and for working capital.

The lender is an investment holding company incorporated in Singapore. It is wholly owned by Haitong International Securities Group (Singapore) (HTI Group SG). The lender currently does not hold any shares in the group.

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