Cacola Furniture International Limited (SGX:D2U) announced that it has entered into a convertible loan agreement with Ge Jian Ming for gross proceeds of SGD 1,000,000 on December 11, 2015. The loan will bear an interest at the fixed rate of 6% per annum. The fixed conversion price shall be SGD 0.00684 per share.

The company shall issue 146,198,830 shares on conversion which shall represent 17.10% of the total issued and paid up shares in the enlarged share capital of the company. The loan shall mature after five years from the date of issue. The transaction has been approved by the board of directors of the company.