Close Menu
    Facebook X (Twitter) Instagram
    BusinessNews.phBusinessNews.ph
    Subscribe
    • Top Stories
    • Business
    • Events / Conventions
    • National
    • Technology
    BusinessNews.phBusinessNews.ph
    Home » OOWAY GROUP Clarifies Factual Inaccuracy in Kitchen Culture’s 14 October 2022 Announcement to SGXNet
    Business

    OOWAY GROUP Clarifies Factual Inaccuracy in Kitchen Culture’s 14 October 2022 Announcement to SGXNet

    By Marie JonesOctober 20, 2022
    Share
    Facebook Twitter LinkedIn Pinterest Email

    OOWAY Group Ltd today announced that it wishes to clarify the factual inaccuracy in Kitchen Culture Holdings Limited’s 14 October 2022 announcement (“Announcement”) to SGXNet with regard to an interest-free loan of S$1.5 million (Unconditional Interest-Free Loan) that was offered to Kitchen Culture by OOWAY Group as a gesture to assist the Company in alleviating its dire financial situation. Kitchen Culture’s Announcement had stated:

    “As regards the S$1.5 million interest-free loan proposed by the OOWAY Group as referred to in the Article, it came with the pre-condition that a specific candidate had to be appointed as Chief Financial Officer (“CFO”) of the Company”.

    OOWAY Group would like to clarify that the final version of the Loan dated 8 June 2022 and offered to the Company, did not come with any pre-conditions, and that Kitchen Culture’s Announcement to SGXNet was a factual inaccuracy.

    From May 2022 to early June 2022, there were several rounds of discussions on the loan amount and conditions tied to the loan. The final version of the Term Sheet dated 8 June 2022 was signed by OOWAY Group and then circulated to Kitchen Culture’s Board of Directors on the same date.

    The terms specified in the Term Sheet are as follows:
    1. Loan Tenor of 1 year from the date of first drawn down (Initial Term);
    2. No interest shall be payable;
    3. OOWAY has the option to extend the loan tenor or convert the loan to equity shares of KC after the Initial Term expires. Term and condition to be agreed upon later by both parties and approvals from the relevant authorities.

    OOWAY Group invites the Board of the Company to clarify the above statement in the Announcement and to circulate to the shareholders the Term Sheet of the Unconditional Interest-Free Loan for purpose of clarity and transparency.

    Expressing his surprise at Kitchen Culture’s not accepting the Unconditional Interest-Free Loan, Mr Liu Yanlong, representative for OOWAY Group said, “This proposed Unconditional Interest-Free Loan was not accepted by the Board of Kitchen Culture for reasons unknown to us. Instead, the Board subsequently accepted a loan bearing interest of 10% per annum along with an additional term that the loan could be defaulted if there was any change in the composition of the Board”.

    Mr Liu added, “This misstatement of facts if not clarified and rectified by the Company may lead to shareholders being misled and cause damage to the Company’s reputation.

    OOWAY Group on 16 October 2022, announced that together with 7 other shareholders of Kitchen Culture, they will be convening an Extraordinary General Meeting (EGM) of the Company pursuant to Section 177 of the Companies Act, to appoint a new board and remove 5 existing directors. The EGM will be held on 1st November 2022, 9.00 am at Toucan Room Level 4, Grand Copthorne Waterfront Hotel, 392 Havelock Road, Singapore 169663.

    About OOWAY Group Ltd.

    OOWAY GROUP LTD. is a corporate entity registered with Accounting and Corporate Regulatory Authority which has a stake in OOWAY Technology Pte Ltd. OOWAY Group is an established big data, Artificial Intelligence (AI) and Blockchain technology provider of innovative solutions for the integration of cross-border trade. Its DIGIT platform (Digital Innovation of Global Integrated Trade) seamlessly integrates cross-border trade with all parties through all stages from initialization to conclusion. The use of AI enables the platform to collect and analyze data to recognize, predict and optimize the cross-border trade process for all parties involved. The use of Blockchain ensures transparency, traceability and immutability, and automatic updating of all documents in the cross-border trade process. www.ooway.com

    Issued by OOWAY Group Ltd.

    Media and Investors Contact:
    Email: query@oowayasia.com

    For the latest business and finance news in Asia - Business News Asia
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Malaysia and France Strengthen Defence Industry Ties with Landmark MoU Signing

    July 9, 2025

    GMG Commencing Sales of G(R) Lubricant and Advancing Regulatory Approvals

    July 9, 2025

    Small Businesses Embrace Social — But Could be Missing a Trick in the Age of AI

    July 7, 2025
    Latest News

    Malaysia and France Strengthen Defence Industry Ties with Landmark MoU Signing

    July 9, 2025

    GMG Commencing Sales of G(R) Lubricant and Advancing Regulatory Approvals

    July 9, 2025

    Small Businesses Embrace Social — But Could be Missing a Trick in the Age of AI

    July 7, 2025

    Kincora Secures Strategic North American Investors and Announces Private Placement

    July 7, 2025

    15 World Toppers and Near-Perfect Scorers for GIIS Singapore in IBDP 2025 Exams

    July 7, 2025

    Progress towards potassium-ion batteries

    July 7, 2025

    Everest Medicines Unveils Breakthroughs in AI+mRNA Platform, Reinforces Global Leadership in Next-Gen mRNA Innovation

    July 4, 2025

    INVEST FAIR Malaysia 2025 Spotlights Investor Trends, Multi-Asset Literacy, and Tech-Driven Platforms

    July 4, 2025

    UOB Hong Kong becomes first Singapore-based bank to sign MOU with HKTDC

    July 3, 2025

    AI-Powered CX, Operational Efficiency, and Smarter Journeys Redefining Strategies Across UK Enterprises: Customer Experience Live Show UK 2025 Unveils Industry Priorities

    July 3, 2025

    Global Sports Brand U.S. Polo Assn. Launches in Brazil With Grupo Pasquini

    July 2, 2025

    TravelKon Launches Unlimited Europe eSIM Range to Keep Australians Connected over European Summer Getaway

    July 2, 2025

    Cybercrime Syndicates Target Philippine NFC Payments, Resecurity Warns

    July 2, 2025

    PH Real Estate Seen Growing 5% Annually on Back of Infrastructure Boom

    July 2, 2025

    The Future Is Now! The Philippines Leads the AI-Powered Cloud Revolution

    July 2, 2025
    BusinessNews.ph
    • Home
    • Business News Asia
    • Cebu Lifestyle Channel
    • Property News
    • Events News Asia.com
    • Contact Us
    • Cebu Business News
    © 2025 All Rights Reserved | BusinessNews.ph

    Type above and press Enter to search. Press Esc to cancel.