Kimly not expecting to appoint new executive directors

Lim Hee Liat and Chia Cher Khiang stepped down from their roles in the company after they were charged under Singapore’s Securities and Futures Act.

Singapore-based coffee shop and food court operator Kimly said it does not have any plans to appoint new executive directors, following the resignation of former executive chairman Lim Hee Liat and former executive director and chief executive officer Chia Cher Khiang.

Lim and Chia stepped down from their roles in the company on November 11, after they were charged under the country’s Securities and Futures Act for not notifying the Singapore Exchange (SGX) that Kimly's acquisition of Asian Story Corporation (ASC) was an interested person transaction.

Lim has also been separately charged under the Companies Act for not disclosing that ASC was a company that was partially beneficially owned by him.

Earlier, Kimly has re-designated finance director Karen Wong as executive director following the resignations of its two executive directors. Danny Lim, Jeffrey Wee and Lau Chin Huat all remain as independent directors on the board.

In response to queries from Singapore Exchange Regulation (SGX Regco), which noted that the board now only comprised four members, Kimly also said that its appointment of three new executive officers - Yeo Yien Gee Ronnie, Chua Yong Chuan Kelvin and Lin Meiqi - it now has a five executive officers to assist the board.

"The board is confident that these changes to the management structure will sufficiently allow it to oversee the group and its businesses," it said. "The board is keenly aware of the operational needs of the business and will continuously assess its management and operational structure and personnel for maximum efficacy and results."

The group added that Lim and Chia will remain as employees of the group for at least three months to facilitate the transition for the group following their resignations and to “minimise disruption” to the group's operations.

Lim is the founder and controlling shareholder of Kimly with an approximately 42% stake in the company whilst Chia had been the group's executive director and CEO since going public in 2017.

Kimly also declared that there are no bank covenants tied to Lim or Chia's continued role as directors or key management of the company.