Kitchen Culture has on June 23 filed a response to a query by the Singapore Exchange Regulation (SGX RegCo) in relation to ‘unusual volume movements’ for its shares.
See more: Kitchen Culture's 22.9% share price hike prompts SGX query
In response to SGX RegCo’s questions, Kitchen Culture highlighted that it had announced the cessation of independent director Loh Eu Tse Derek on June 23, along with a corresponding reconstitution of the board committees.
Loh’s resignation will take effect on June 30, with ‘alignment of professional and other commitments’ cited as the reason for his departure. He was a member of the audit committee as well as chairman of the nominating committee.
Kitchen Culture also disclosed that its audit committee had appointed accounting and business advisory firm Baker Tilly on March 22 to undertake an internal control review pertaining to cash management for the company and its principal wholly-owned subsidiary, KHL Marketing Asia-Pacific, following the fundraising exercises completed in 2020 and related matters.
Baker Tilly has presented a draft interim report on the Review on June 18 to the audit committee with its findings. The audit committee has reviewed the report, including recommendations by Baker Tilly for remedial works to be done by the company, and recommended to the board to adopt the same. The board is presently reviewing the interim report.
The audit committee is also in discussions with Baker Tilly about additional agreed-upon-procedures to look further into certain areas based on the observations of Baker Tilly and will update the board when these have been finalised.
Shares in Kitchen Culture closed 1.4 cents or 16.9% higher at 9.7 cents on June 22.
Photo: Stock photo
