Kitchen Culture's US$20m notes issue bid falls through

CATALIST-LISTED high-end kitchen systems seller Kitchen Culture Holdings said on Thursday its attempt to raise up to US$20 million through convertible senior notes has fallen through.

The potential investor was Crede CG III, a unit of US investment firm Crede Capital Group.

But the cut-off date to the deal expired on June 3 and the company could not fulfil the conditions precedent to the deal, nor agree with the investor on an extension to the cut-off date.

"Accordingly, the subscription agreement had ceased on June 3, 2017, and the company has decided not to proceed with the proposed notes issue," said Kitchen Culture executive chairman Lim Wee Li.

The counter last traded at S$0.19.