Green Build says deals to buy columbarium niches, for convertible bond have lapsed

SINGAPORE - Green Build Technology said on Monday night (July 1) that its asset purchase agreement with Yea Eun Columbarium to buy niches in Seoul, South Korea, and a convertible bond agreement with South Korean investor Kim Kwang Seun have both lapsed.

The agreement to purchase niches in Yea Eun Columbarium, which had a ballpark indicative value of $5.6 million, lapsed on June 30, following the extension of its long stop date from February.

Green Build said that not all conditions of the deal had been satisfied and parties did not agree to a further extension of the long stop date. The agreement was first signed on Aug 29, 2018.

Meanwhile, investor Mr Kim had agreed to subscribe for a convertible bond issued by the company with a principal sum of $2.5 million. This agreement lapsed on June 30 as well as the charge over security in the form of the Yea Eun Columbarium niches was not provided to Mr Kim, said Green Build in a separate filing.

The parties also did not agree to a further extension of the long stop date.

Green Build's board said the lapsing of both agreements would not have any material adverse impact on the business operations and financial position of the company.

Shares of the watch-listed company last traded at $0.11 on April 30.