GMA Network Inc. , a listed broadcast company under flagship free-to-air Channel 7, said its investment arm GMA Ventures Inc. together with Singapore-based TNB Aura provided a total USD500,000 loan to Hofer Development Corp.
The loan is convertible to preferred shares in HDC, a company that develops over-the-counter healthcare and wellness products.
HDC, the fourth start-up company in the growing investment portfolio of GMA Ventures, operates under the brand RockMedical.
Both GMA Ventures and TNB Aura found the investment strategic and timely as the market for health and wellness products is thriving and poised for continued growth. The two companies executed separate loan agreements with HDC.
The loan matures in 12 months after the completion date of the transaction. The agreed interest is 6 percent per annum on a non-compounded basis. Within six months from the loan completion, GMA Ventures and TNB Aura may convert the loan to preferred securities issued by HDC at USD15.50 per share.
GMA Ventures and TNB Aura each granted USD250,000 in loans to HDC.
