Hatten Land Limited Secures S\$1 Million Convertible Loan Facility from Brilliant Property Management Services

Key Corporate Update Amid Ongoing Judicial Management and Proposed Acquisition

Overview

Hatten Land Limited (“the Company”), currently under judicial management, has announced the entry into a Secured Facility Agreement with Malaysia-based Brilliant Property Management Services Sdn. Bhd. (“Brilliant”). Under this agreement, Brilliant will extend a convertible loan facility of up to S\$1 million to the Company. This development comes as the Company seeks to finance a recently announced proposed acquisition, and it follows ongoing efforts to resolve its financial challenges.

Key Points for Investors

• Secured Convertible Loan of Up to S\$1 Million: The loan is structured as a convertible facility, providing Hatten Land with urgently needed working capital. The funds will be used mainly to cover fees, costs, and expenses related to the proposed acquisition and potentially other purposes as agreed by the lender.
• Drawdown & Repayment Terms:
  • The loan may be drawn down in tranches of up to S\$500,000 each, with the drawdown period lasting until one month prior to the final repayment date.
  • Interest is set at a substantial 10% per annum, calculated daily.
  • The principal and accrued interest are due in full 18 months from the date of the agreement, with a possible extension of up to six months if the proposed acquisition is not completed 15 days before the original repayment deadline.
• Conversion Feature:
  • At the Company’s discretion, the outstanding loan amount (up to S\$1,000,000) can be converted into new ordinary shares in Hatten Land at a conversion price of at least ¼ of the agreed issue price, subject to regulatory and shareholder approvals.
• Security Package:
  • Brilliant receives priority status over all preferential and unsecured debts, subject to applicable laws.
  • The agreement includes an assignment of receivables between Brilliant and Hatten Land.
• Shareholder and Regulatory Approval Required:
  • The conversion of the loan into shares is not covered under the Company’s general mandate for share issuance. Specific approval from shareholders at a general meeting is required for the issuance of the “Brilliant Conversion Shares.”
  • An extraordinary general meeting (EGM) will be convened, and a circular containing full details of the facility and the proposed share issuance will be dispatched to shareholders in due course.
  • The Company will also seek approval for the listing and quotation of the new shares on the SGX Catalist Board.
• Brilliant’s Background and Relationship:
  • Brilliant is a Malaysian-incorporated private company focused on real estate management and related services.
  • The company was introduced through a business associate of Tan June Teng Colin @ Chen JunTing, the former Executive Chairman and controlling shareholder of Hatten Land.
  • Brilliant is not deemed an interested person under the SGX Catalist Rules and, aside from one director holding less than 1% of Hatten Land shares, does not have a substantial shareholding in Hatten Land.
• Financial Impact and Working Capital:
  • The Company’s working capital is currently insufficient to meet its requirements. The proceeds from this facility are critical for ongoing operations and the completion of the proposed acquisition.
  • The exact number of Brilliant Conversion Shares to be issued will be determined in the Sale and Purchase Agreement, and more detailed financial effects will be provided in the shareholder circular.
• Current Trading Status:
  • Hatten Land’s shares have been suspended from trading since 6 August 2024. Investors are advised to monitor future announcements closely.

Potential Price-Sensitive Developments

• The facility provides a vital lifeline to Hatten Land, underpinning the Company’s ability to pursue the proposed acquisition and stabilize its financial position.
• The dilutive impact of the potential conversion of up to S\$1 million in debt into new shares could affect existing shareholders, making the outcome of the EGM and regulatory approvals highly significant.
• Any major developments regarding the completion of the acquisition, the conversion price, or the listing approval for the new shares may significantly impact the Company’s value once trading resumes.

Next Steps and Shareholder Actions

Shareholders are strongly encouraged to review the upcoming circular in detail and to participate in the extraordinary general meeting where their approval will be sought for the issuance of the Brilliant Conversion Shares. The Company has committed to making further announcements as material developments arise.

The Secured Facility Agreement will be available for inspection at Hatten Land’s Singapore registered office for three months from the announcement date.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should consult their financial advisors or professional consultants before making any investment decisions. The information herein is based on public announcements made by Hatten Land Limited as of 23 December 2025 and is subject to change without notice.

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