Kimly receives S$1.4m advance repayment from aborted sale of ASC

Singapore

CATALIST-listed coffee shop operator Kimly - which is under probe by the authorities over a controversial purchase of a drinks firm that was later aborted - on Tuesday said it has received an advance repayment of S$1.4 million from the vendor in its aborted acquisition of Asian Story Corporation (ASC).

The vendor is former Pokka Corp employee Wang Chia Ye and the first instalment of the repayment was due by Nov 29, 2019. The balance outstanding amount of S$2.6 million is repayable in two equal instalments of S$1.3 million by Nov 29, 2020 and Nov 29, 2021.