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FOOD Empire Holdings announced on Friday that its associated company Caffe Bene has filed for a court-led corporate rehabilitation process due to excesive debts assumed prior to the former's investment in the company.
Food Empire has a 51 per cent stake in Hallyu Ventures, which in turn, controls a 44.8 per cent stake in Caffe Bene (see amendment note).
Caffe Bene is in the coffee house franchise business in Korea.
Once approved by the court, the corporate rehabilitation process will provide relief from its creditors while giving Caffe Bene time to reorganise its business and return to profitability, Food Empire said in a statement.
Food Empire shares finished S$0.015 or 2.1 per cent down at S$0.69 on Friday.
Amendment Note: An earlier version of the article incorrectly stated that Food Empire has a 51 per cent stake in Caffe Bene. This is incorrect as Food Empire has a 51 per cent stake in Hallyi Ventures, which in turn owns 44.8 per cent of Caffe Bene. The article has been amended to reflect this.