ICG sells preferred shares to MegaVillage to offset debts

ICG Asia (0715) announced that it signed restructuring agreement with its subsidiary MegaVillage which would repurchase 41% shares from ICG to offset US$5 mln debt (around US$39 mln) owed by ICG.

MegaVillage has issued 40 mln ordinary shares and 45 mln convertible preferred shares, which were held by Tradewind and ICG respestively. ICG possesses all preferred shares of MegaVillage, accounting for 52.95% of the total issued shares. According to the agreement, ICG will convert all MegaVillage preferred shares into 45 mln ordinary shares, among which 35 mln shares would be placed to MegaVillage, representing 41% shareholding. ICG will hold 19.9% shareholding in MegaVillage after the deal.

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