GMA Network Inc. signed a partnership with Hofer Development Company (HDC) through its investment arm, GMA Ventures Inc. (GVI), and Singapore-based venture capital firm TNB Aura.
HDC is a house-of-brands company specializing in developing over-the-counter healthcare products.
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GMA said in a disclosure to the stock exchange both GVI 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 broadcast firm said GVI entered into a convertible loan agreement (CLA) with HDC, operating under the brand RockMedical.
The total aggregate amount of the CLA is $500,000, with GVI investing $250,000. TNB Aura, a Singapore-headquartered venture capital fund, invested the other $250,000. GVI and TNB Aura executed separate CLAs with HDC.
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