Kimly shuffles board, management following resignation of directors charged under SFA

COFFEE shop and food court operator Kimly 1D0 : 1D0 0% on Thursday (Nov 11) announced changes to its board and management following the resignation of 2 of its directors.

Former executive chairman Lim Hee Liat and former executive director Chia Cher Khiang resigned on Thursday after they were each charged for an offence under the Securities and Futures Act, in relation to the company's failure to notify the Singapore Exchange that its acquisition of Asian Story Corporation (ASC) was an interested person transaction.

Lim was also separately charged under the Companies Act for failing to disclose - during or before the acquisition - that ASC was a company which was partially beneficially owned by him.

Following the resignations, Lau Chin Huat, currently an independent director on the board, was redesignated as non-executive independent chairman, while Wong Kok Yoong Karen, currently the board's finance director, was redesignated as executive director. Wong will also be appointed to the nominating committee to replace Lim.

In addition, Kimly also made changes to its management team "to strengthen the leadership team and for the purposes of succession planning".

It included 2 members of its current management team as executive officers - Yeo Yien Gee Ronnie, director of operations for its food retail division, and Chua Yong Chuan Kelvin, managing director of Tenderfresh Group.

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Yeo's role as director of operations involves the overall management and oversight of the group's food retail division, while Chua is responsible for the overall management and oversight of the operations and resources of Tenderfresh as its managing director.

Kimly also appointed Lin Meiqi, who joined the group as a group finance manager, as the financial controller of the company. In her new role, she will be responsible for financial reporting, overall finance functions and accounting matters.

Existing executive officer Tan Chong Sing Roy will relinquish his role as head of operations and be appointed as the director of business development and strategic planning of the group. In his new role, he will be responsible for the group's growth strategies and investor relations, as well as overseeing the human resource and marketing departments.

Kimly's other executive officer Peh Kim Leong Sunny will remain as director of operations for its outlet management division.

Kimly's board has requested Lim and Chia to remain as employees of the group to assist and facilitate the board and management in the transition, pending the conclusion of court proceedings, the group said.

This was in consideration of the two's experience, Lim's role as founding shareholder of the group, Chia's contributions since he joined in 2006, as well as notable achievements the group made during the two's tenure.

Shares in Kimly closed at 37.5 Singapore cents on Thursday, down 1.5 cents or 3.85 per cent.

READ MORE

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