Medi Lifestyle (SGX:Z4D) entered into a conditional debt conversion deed with Lingholm Holdings, according to a filing with the Singapore Exchange on Tuesday.
Under the loan agreement, Lingholm will provide the company a non-interest bearing loan of SG$1.3 million and SG$2.1 million.
According to a debt purchase letter between former CEO Low Koon Poh and the lender from Feb. 28, Poh sold and assigned to the lender his rights, interests and benefits to an outstanding amount of around SG$546,573 and 272,962 yuan, which is owed to Poh by the company.
The company owes an aggregate of SG$3.2 million to Lingholm under the loan agreement.
Based on the terms of the deal, Lingholm will be repaid the outstanding debt by way of conversion into 213,965.134 shares in the company's capital at a conversion price of SG$0.015 per share.
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