Amala Foods to Extend Loan; Sees Performance Indicators on Target

By Adria Calatayud

Amala Foods PLC said Wednesday that it has agreed to extend a loan to the first quarter of 2022 and that performance indicators remain on target, as the company nears completion of research and development of several plant-based products.

The London-listed food-technology company--which was previously known as Bigdish--said it has signed a term sheet to extend a loan of 540,000 pounds ($753,354) it received in September. To date, the company has used only GBP200,000, and the extension will allow it to use the remaining funds, it said.

The company said it is in discussions with various distribution channels for its plant-based products, as it is in the process of completing the R&D phase and will now enter into the commercial-development phase.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

06-23-21 0306ET