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Kitchen Culture to repay S$150,000 loan in shares

CATALIST-LISTED Kitchen Culture has entered into a novation deed with lender Toh Siew Cheng Gracy to repay a S$150,000 loan with the issuance of two million new shares at S$0.075 apiece, it said on Monday.

The issue price of S$0.075 for each debt conversion share represents a 7.4 per cent discount to Kitchen Culture's last traded share price. Kitchen Culture shares last changed hands on Sept 23 at S$0.081.

The debt conversion shares will represent approximately 1.66 per cent of Kitchen Culture's enlarged share capital. The lender does not currently hold any shares in the company.