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Japanese restaurant group RE&S lodges preliminary prospectus for Catalist listing

JAPANESE restaurant group RE&S Holdings has lodged a preliminary prospectus for a Catalist listing as it seeks to raise capital for new outlets.

The timing and pricing of the deal has not been determined yet.

Small-and-medium enterprise investor Heliconia Capital Management, a unit of Singapore government-owned investment firm Temasek Holdings, will be a cornerstone investor in the initial public offering (IPO).

Proceeds from the deal will be used for business expansion, establishment of new F&B outlets, refurbishment of existing F&B outlets and general working capital.

RE&S is the owner of popular Japanese restaurants like Ichiban Boshi, Kuishin Bo Kuriya Japanese Market. In the year ended June 30, 2017, it recorded net profit of S$5.7 million, almost double the S$2.9 million it made a year earlier. The company intends to recommend and distribute dividends of at least 35 per cent of its net profits attributable to shareholders in FY2018 and FY2019.

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Controlling ownership currently resides with executive director and president Hiroshi Tatara, who holds a 73 per cent stake, and executive director and chief executive Yek Hong Liat, who holds a 25 per cent stake.

DBS is the sponsor and issue manager for the listing.

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