About the Issuer
TBS Cash Pte. Ltd. (“TBS Cash”) (UEN: 202515450H) is a wholly-owned subsidiary of TBS Capital Pte. Ltd. (“TBS Capital”), established as a new Special Purpose Vehicle to provide funding to TBS Capital Pte. Ltd. and TBS Solutions Pte. Ltd. (“TBS Solutions”) to expand the property-backed lending business, specifically mortgage-backed working capital loans. The property-backed lending business boasts a loan book size of SGD 74.9 million and with an average Loan-to-Value (LTV) ratio of 65%, as at 31 December 2024. Additionally, the loan book offers diversified exposure, comprising 66% in landed properties, 30% in condominium properties, and 4% in commercial and industrial properties.
TBS Capital and TBS Solutions are subsidiaries of Tembusu Financial Services Pte. Ltd. (“TFS”), formally known as sgCarMart Financial Services Pte. Ltd. and TFS is currently providing automotive financing. Collectively, they operate as a non-bank financial institution (NBFI) group.
TFS, the ultimate parent company of TBS Cash, and TBS Capital, have provided corporate guarantees in respect of the commercial paper. TFS has a proven track record of profitability at the consolidated group level. In addition, personal guarantees will be provided by Mr. Chua Beng Choon, Mr. Tan Boon Kiat, Vincent and Mr. Seah Hon Hui, who are directors of TFS.
For more information, please visit the Issuer’s website.