Autagco Enters Into Convertible Loan Agreement; Shares Surge 33%

MT Newswires

2024/12/04

Autagco (SGX:1D3) formerly known as LifeBrandz, entered into a convertible loan agreement of SG$500,000 with Lenn International and the company's CEO, Ng Boon Hui, according to a filing with the Singapore Exchange on Tuesday.

Under the agreement, Lenn International has been granted the right to convert the loan at an issue price of SG$0.003 per conversion share into a maximum of 166,666,666 new shares in the company.

The loan will have an interest rate of 12% per year.

Shares of the lifestyle and entertainment company surged over 33% in recent trading.

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