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Coffee shop operator Kimly buys coffee shop and industrial canteen
IN a bid to expand its kopitiam empire further, Singapore's largest traditional coffee shop operator Kimly Limited has gone on an acquisition spree.
The Catalist-lited company announced on Wednesday that it had recently bought over a coffee shop and an industrial canteen.
Kimly paid S$850,001 to manage and operate a coffee shop, located at Block 631 Bedok Reservoir Road, the drink stall in the premise, and the coffee shop leases through Yong Yun, an indirect wholly-owned subsidiary of the company.
The payment of S$850,000 will be through the issuance of 1.7 million new shares and S$1 in cash.
The industrial canteen at Primz Bizhub in Woodlands Close was obtained by Kimly for S$650,001, in a similar move as the coffee shop - S$650,000 through the issuance of 1.3 million shares and S$1 in cash.
Kimly is a household name for its kopitiams offering food and beverage, with nearly 500 stalls across 64 outlets - 56 coffee shops, five food courts and three industrial canteens.
The group launched its IPO (initial public offering) at the Singapore Exchange on March 20, with 173.8 million new shares at S$0.25 each for listing on the Catalist Board.
Shares of Kimly closed at 39.5 Singapore cents on Wednesday, a dip of 3.7 per cent.