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.