Kimly acquires seller of Asian Story drinks for $16 mil

SINGAPORE (July 2): Kimly, the kopitiam operator, has acquired for $16 million a 100% stake in ASC which markets and sells a variety of drinks under its Asian Story brand and bottled water under its Simply Water brand.

Kimly said the acquisition is in line with the group’s strategy to expand its business through acquisitions, joint ventures or strategic alliances, which may include the vertical acquisitions of food manufacturers.

ASC’s “Asian Story” brand portfolio comprises nine different drinks including soya bean, winter melon tea, bandung and herbal tea. The Asian Story brand has a 7.7% market share and is ranked the No. 31 brand in the Singapore Asian drink market.

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