ASF Group (ASX:AFA) executed a debt-to-equity conversion deed with Star Diamond Developments, according to a Friday Australian bourse filing.
Star Diamond agreed to convert all outstanding loans, including accrued interests due by ASF under a AU$25 million unsecured convertible loan facility granted by Star Diamond into 100% equity of ASF Resources, a wholly owned subsidiary of ASF.
The convertible loan facilities will be terminated on the completion of the transaction.
ASF Resources holds a 68.97% stake in Civil & Mining Resource. After the conversion is complete, its board will be restructured.
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