SDAI taps chairperson for $200,000 interest-free loan

Loan will fund working capital and current liabilities, with shares conversion possible.

SDAI Limited will receive an interest-free $200,000 loan from its executive chairperson and deemed controlling shareholder Hao Dongting to support working capital and settle current liabilities.

The company entered into a redeemable loan agreement with Hao on 16 July, according to a Singapore Exchange filing.

The loan will be used to improve the Group’s cash flow, fund general working capital needs and discharge current liabilities.

The loan will be drawn in a single tranche within five working days and will mature on 31 December 2027. SDAI can repay the loan early by giving Hao at least seven days’ notice.

The agreement gives SDAI the option to convert the loan into new shares, which would be subscribed by Hao.

If the option is exercised, the $200,000 loan will be applied towards the subscription consideration.

The new shares will be priced at a 10% discount to the weighted average price of SDAI shares traded on the relevant market day, subject to the terms of the subscription agreement and the necessary approvals.

Hao is considered an interested person under the Catalist Rules because she is SDAI’s executive chairperson and deemed controlling shareholder through her 100% interest in OOWAY Holding Ltd.

OOWAY Holding holds a 70.08% stake in OOWAY Group, which in turn holds 21.19% of SDAI. Hao is therefore deemed to be interested in the SDAI shares held by OOWAY Group.

SDAI said the loan’s transaction value is zero because it is interest-free. It is therefore not required to seek shareholders’ approval for the transaction, although it disclosed the agreement under the Catalist Rules.

Hao previously extended a $4m interest-free loan to SDAI in March 2024. The maturity date of that loan was subsequently extended to 31 December 2027.

She also provided interest-free loans of $129,598 (RMB680,000) and $38,117 (RMB200,000) to SDAI’s wholly owned subsidiary, Hainan Blue Code Biotechnology Co., Ltd., in March 2025 and June 2026, respectively.

SDAI’s audit committee, after reviewing the rationale and terms of the latest loan, said the agreement was on normal commercial terms and was not prejudicial to the company or its minority shareholders.

($1 = RMB5.25)

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