Food Empire subsidiary given option to redeem part of Caffebene loan in cash

A 51 per cent owned subsidiary of Food Empire has entered into an agreement that extends it the option to redeem in cash the remaining balance of a 11.06 billion won loan extended to Caffe Bene Co (Caffebene).

Food Empire said that the agreement dated Tuesday provides its subsidiary, Hallyu Ventures Pte Ltd, to redeem - in whole or in part - the balance of the loan in cash or conversion into new common stocks in Caffebene.

The loan has been partially repaid through a conversion of new common stocks in the capital of Caffebene on June 30, 2017.