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Emerging Towns & Cities Singapore Converts $13 Million Loan into Shares; Shares Surge 23%

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Emerging Towns & Cities Singapore (SGX:1C0) decided to convert an outstanding loan of $13.0 million into shares at a conversion price of SG$0.09 per share at maturity, according to a Monday bourse filing.

Shares of the real estate firm zoomed nearly 23% in Tuesday trading.

The loan was converted into 204,887,011 shares, which were issued to Luo Shandong, the lender.

The amount was initially granted to the company by Luo back in January 2017.

Following the conversion, the company's share capital has increased to 2.16 billion shares.

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