Asia Strategic Holdings Limited announced that it has entered into an amended loan facility with Macan Pte Ltd, increasing its loan facility by USD 1.5 million to USD 4.5 million. On 1 July 2019, the Group secured a loan facility of up to USD 3.0 million from MACAN ("Loan Facility 1"). As the Group is accelerating the expansion of its school network, the Group and MACAN have now agreed to increase Loan Facility 1 from USD 3.0 million to USD 4.5 million.

In addition, the Company and MACAN have agreed to extend the repayment date on Loan Facility 1 from 30 June 2024 to 31 December 2027. The loan facility will continue to bear an interest rate of 6% per annum. As at the date of this announcement the amount drawn under Loan Facility 1 is USD 3.0 million.

MACAN has also previously subscribed to a USD 3.5 million Zero Coupon Convertible Note, details of which are set out in the Company's accounts for the year ended 30 September 2022, published on 31 January 2023. MACAN is the Company's largest shareholder and owns 960,000 ordinary shares in Asia Strategic representing 32.4%. of the Group's current issued share capital.

Enrico Cesenni, CEO, holds 35.1% of the voting rights of MACAN and 1.2% of the voting rights of the Company. As Enrico Cesenni (CEO of Asia Strategic) is a significant shareholder and director of MACAN, the Company considers that the amendments to the loan facility with MACAN, as detailed above, are material related party transactions as detailed under DTR 7.3.6. The Company's independent directors consider that the terms of the amended loan facility are fair and reasonable and in the best interests of the Company and its shareholders.