Annica Holdings Limited (SG:5AL) has released an update.
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Annica Holdings Limited has entered into a debt conversion agreement with four creditors, converting S$2,400,000 of interest-free, unsecured cash advances into over 2.28 billion new shares to settle the debt fully. The conversion will involve the issuance of shares at a conversion price of S$0.00105 each, with the company’s Executive Director and CEO, Ms. Hon, converting S$1,100,000 and remaining a substantial shareholder.
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