Kitchen Culture plans to raise up to US$20m via US investor

KITCHEN Culture, which sells kitchen systems, on Tuesday said it intends to raise up to US$20 million through the issuance of convertible notes to Crede CG III Ltd, a unit of US investment firm Crede Capital Group.

The company intends to use up to 20 per cent of the net proceeds to repay debts and shareholders' loans and advances. The rest will be used for capital expenditure, growth expansion, and general working capital.

The fundraising plans were first announced in September 2016, though the investor had not been named then.