Kitchen Culture Holdings 5TI , soon to be named SDAI Limited, has appointed Foo Kon Tan LLP as the new statutory auditor of the company following its extraordinary general meeting (EGM) on Nov 17.
According to the company, the appointment of Foo Kon Tan LLP as its new statutory auditor is a significant milestone accomplished by its board to rectify the company’s historical breaches, and signifies a major step in working towards the resumption of trading of the company’s shares.
Since July 21, 2021, the company’s shares have been suspended due to a variety of issues including non-compliance and systemic internal failures.
Prior to this, the company had failed to secure a statutory auditor when the previous auditor, Nexia TS Public Accounting Corporation, now known as CLA Global Public Accounting Corporation, did not seek re-appointment at the company’s last annual general meeting (AGM) in March 2022 for its FY2021 ended June 2021.
Consequently, the company has failed to comply with the requisite listing rules of SGX and is in breach of statutory requirements under the Companies Act 1967 of Singapore for filing of statutory accounts and convening of shareholders’ meeting.
The company has also been working to accelerate the process of completing its independent special audit conducted by Deloitte and Touche Financial Advisory Services by the end of the year in compliance with statutory requirements, another key factor in the resumption of trading of the company’s shares.
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Executive chairperson of the board Hao Dongting says: “Through the effective stewardship of the new board, a new statutory auditor of the company has now been appointed, filling the void following the cessation of the previous auditor. This is a significant and necessary step forward in getting the Company back on the path of accountability, restoration and fulfilling all its statutory responsibilities to shareholders.”
"With the new management in place, we are actively working to chart a new path for the company by pursuing various strategies going forward, including a new name for the company as a testament and reflection of the positive developments being undertaken in our new growth trajectory,” adds Hao.
At its EGM on Nov 17, a special resolution was also passed to change the company’s name to SDAI Limited.
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According to the company, its name change will reflect its strategic direction and business activities going forward. “This will enable the company to create a new corporate identity for itself and develop a new positioning in the market, allowing the public and the company’s business partners to better identify with the company under this new name moving forward,” it says.
The company says it will lodge the requisite statutory returns with the Accounting and Corporate Regulatory Authority of Singapore (ACRA) to effect the company’s name change.
Hao says: “Holding the EGM marks a vital milestone towards the board’s ultimate goal of obtaining SGX approval for the resumption of trading of the company’s shares. We would like to assure shareholders that we are steadily making progress to create long-term value for the company and we thank them for their continued trust and patience in us in overcoming the many obstacles during the tumultuous period of the company’s history.”
Shares in Kitchen Culture last traded at 8 cents before its trading suspension since July 2021.
