Insured Group has attracted a foreign investor to pay its $4.8 million debt to St George Bank.

In return, the WA broker will give a 16.67% stake to Singapore-based financier Cordell James.

The St George debt was due for settlement on July 1. Cordell James will also pay debts of $769,589 to various other creditors.

The move comes after Insured Group told the New Zealand Stock Exchange on March 28 that the St George loan had been extended to April 30. There had been no further announcements since then.

As part of the deal Cordell James has established a loan facility with a limit of $788,000. It becomes Insured Group’s joint second-biggest shareholder, level with Priority One Network Group.

MD Wayne Miller has a 20.89% stake, according to last year’s annual report.

Insured Group recently planned to list on the Australian Securities Exchange, but this did not happen.