KUALA LUMPUR: SMTrack Group Bhd has proposed to issue up to RM120mil in debt notes and to diversify its business, to include commercial air transport operations.
It said on Tuesday the redeemable convertible notes will mature 60 months from the closing date of the first sub-tranche of the tranche one notes.
SMTrack had on the same day entered into a conditional subscription agreement with Advance Opportunities Fund (AOF) and Advance Opportunity Fund 1 (AOF 1) for the proposed notes issue, which will be issued in four tranches.
It said that based on the maximum conversion shares, SMTrack will only issue up to 450 million conversion shares upon conversion of the notes.
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