Kimly’s wholly-owned subsidiary Kimly Makan Place says it has entered into a joint venture (JV) agreement with Tenderfresh Fried & BBQ Chicken on Nov 3 to operate and manage a halal coffeeshop located at Block 380 Clementi Avenue 5 #01-376.
The coffeeship is leased by Kedai Kopi (the JV company).
Kedai Kopi was incorporated by Tenderfresh with an initial issued share capital of $10,000 comprising 10,000 ordinary shares.
Under the JV agreement, Kedai Kopi will allot 153,000 ordinary shares to Kimly Makan Place and 137,000 ordinary shares to Tenderfresh at a consideration of $153,000 and $137,000 respectively.
Kimly Makan Place will thus hold a 51% stake in Kedai Kopi, while Tenderfresh will hold the remaining 49%.
The Block 380 Clementi Coffeeshop is one of the properties recently acquired by Jin Wei Food Holdings, another wholly-owned subsidiary of Kimly.
The coffeeship has a strata floor area of 383 sqm with nine stalls, and it is located within walking distance of Clementi MRT.
Along with the entry into the JV agreement, Kimly Group has entered into a new lease agreement with Kedai Kopi.
The Block 380 Clementi Coffeeshop will undergo major enhancement and is targeted to reopen for business around middle of December 2020.
According to a statement on SGX, Kimly says the joint venture was an “opportune” time for the group to make its foray into the fast-growing halal industry in Singapore.
Tenderfresh is a private company in Singapore incorporated on Nov 26, 1993, with an issued and paid-up share capital of $400,000 comprising 400,000 ordinary shares.
Its shareholders comprise Soh Chun King, Koh Siew Tin and Soh Bi Xue Patricia. Soh Chun King and Koh each hold 150,000 ordinary shares in Tenderfresh, representing a total of 75% of its paid-up capital while Patricia Soh holds 100,000 ordinary shares, or the 25% balance in the company.
Apart from the capital injection, Kimly Makan Place and Tenderfresh have provided shareholders’ loan of $255,000 and $245,000 respectively to Kedai Kopi to finance the enhancement work of the coffeeshop and working capital requirements.
The aggregate consideration payable by Kimly Makan Place and the shareholders’ loan amounts to some $408,000, which has been wholly paid for in cash.
Shares in Kimly closed flat at 27 cents on Nov 3.
