Jason Holdings CEO used shares as debt collateral

He pledged a total of $24m to four banks.

Jason Sim, Executive Chairman and CEO of Jason holdings, has used 22 million of his shares in the company as collateral for a credit facility.

These details were revealed by Jason Holdings following a trading query by the SGX.

Sim pledged 10 million shares as collateral for credit facilities provided by Lantau Holdings. This represents approximately 4.63% of the entire issues share capital of the company.

Sim also pledged 20 million ordinary shares to Malayan Banking Berhad, representing approximately 9.26% of the company's issued share capital.

He also pledged another 2 million ordinary shares each to OCBC and Maybank Kim Eng.

The company also said that it is mulling a rights issue, but no definitive arrangements have been made as of June 2.