In a filing, the company said the purchase price was arrived at on a willing buyer and willing seller basis after arm's length negotiations between Kimly Food Products and Muginoho — taking into account the prevailing market conditions and the business prospects of the confectionary business, among others.
Kimly’s wholly-owned subsidiary Kimly Food Products has entered into a business transfer agreement with Muginoho Global for the disposal of its confectionary business, Rive Gauche Pattisserie.
The consideration for the confectionary business’ assets is $2.8 million. Additionally, Muginoho will make payment to Kimly Food Products of an amount in cash equivalent to the aggregate daily cash float of the confectionary business as well as existing security deposits held with the landlords of the premises which are leased to operate the business.
