Spicer Holdings has borrowed R25 million from World Trade Centre Johannesburg to repay due debts.
The effect of the deal is that Spicer has substituted one creditor with another.
Last month executive chairman Sas du Toit said Spicer planned to dispose of some or part of an asset to reduce interest-bearing debt.
The announcement came after the group reported that its operating profit halved at the interim stage despite a 53% increase in revenue.
A February profit warning was followed by the announcement that the R1.4 billion merger with the IQ Business Group had been scrapped.
In terms of the loan agreement with World Trade Centre, the capital, which is repayable within four calendar months from 30 March, will bear interest at the prime rate.
Spicer says it has ceded and assigned to World Trade Centre all its shares in and claims on loan account against WTC Properties (trading as Spicer Specialised Services) and, indirectly, 55% of its shareholding in Swedish subsidiary Inter IT-Konsult I Sverige, as security.
The Spicer share price was at 15c in late Tuesday morning trade, 2c or 11.76% down on Monday's close.
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