Investment company ASF Group (ASX:AFA) announced that Star Diamond Developments has agreed to increase the unsecured loan facility for its subsidiary, Civil & Mining Resources, by $5 million.
The new agreement brings the total value of the loan facility to $7 million. In addition to the increased loan amount, Star Diamond has also extended the maturity date of the facility to Dec. 31, 2025.
The increased funds will be used for restructuring and settling prior financial obligations and to provide working capital for the ongoing operational needs of CMR.
ASF Group stated that this financial support would enhance the subsidiary's ability to meet its strategic goals and operational requirements.
"The additional funding will significantly aid in our restructuring efforts and support CMR's operational needs going forward," the company said in a statement.
ASF Group, headquartered in Sydney, has a robust history spanning more than 40 years.
The company focuses on strategic trade and investment between Australia and the global market, operating in sectors such as property, resources, technology, and financial services.
ASF Group is a diversified investment company focused on the real estate, resources, technology and financial sectors.
The company, through its wholly-owned subsidiary, ASF Properties, provides property marketing and services. Its subsidiary, ASF Capital, offers fund management and advisory services to businesses in various sectors.