This follows an Oct 12 announcement that Kitchen Culture is taking a 30% stake in a China-based FinTech firm OOWAY Technology. The acquisition will be paid using 90 million new Kitchen Culture shares at 26.58 cents, which represents a 17.25% discount to the volume-weighted average price of 32.12 cents on Aug 11, which was the last full market day on which the shares were traded prior to the date of the announcement of the deal.
Executive chairman of Kitchen Culture Lim Wee Li has sold a substantial portion of his shares in a married deal. On Nov 26, Lim sold just below 26.18 million shares at 10 cents each, or for some $2.6 million in total. The identity of the buyer was not disclosed. With that sale, Lim is left with around 66.1 million shares, or 15.58% of the company, from 21.74% before the sale.
Kitchen Culture, which provides kitchen furnishings, has been actively moving into new businesses in recent months. On Oct 16, the company announced plans to venture into asset management via the incorporation of a subsidiary, 3L Asia Capital. This entity has an initial issued share capital of $2 million and is meant to undertake fund management activities for ultra-high net worth individuals and families mainly from Asia Pacific countries.
