Kimly completes acquisitions of six food outlets for SG$35.5 million
They also expect to complete purchases of two coffee shops at a later date.
Kimly has completed the acquisitions of six food establishments for SG$35.5 million (US$25.3 million), consisting of two coffee shops, three industrial canteen units and one restaurant unit, the group said in an announcement.
The move sees the SGX-listed group’s total number of food outlets increase from 73 to 79, complemented by an additional four drink stalls and three food stalls.
Kimly also said the completion of the acquisitions of the remaining two coffee shops at Block 380 Clementi Avenue 5 and Block 347 Ang Mo Kio Avenue 3 for SG$20.315 million will take place at a later date, citing COVID-19-driven delays in getting the “requisite approvals and/or permissions” from the country’s Housing and Development Board (HDB).
The SG$35.5 million acquisition was partly satisfied through the issuance of 22 million new shares at the issue price of SG$0.25 per share.
Most of the acquired properties will layout improvements, increase of seating capacities and the introduction of new food concepts.
Since going public, the group said it had increased its number of food outlets and food stalls by 23.4% and 13.2% respectively.
“We continue to look for opportunities to acquire and operate more strategically-located food outlets with the view of enhancing long-term shareholder value and the Group’s profitability. Moving ahead, we remain committed to our strategy to pursue long-term direct ownership in properties where the Group operates and manages food outlets to further extend our presence across the heartlands of Singapore,” the group’s directors said.
