SDAI, formerly Kitchen Culture, changes trading counter name

Michelle Zhu

Published Wed, Nov 22, 2023 · 10:29 AM

SDAI’s executive chairperson Hao Dongting (right) says the company's latest EGM marks a “vital milestone” towards its board’s ultimate goal of obtaining Singapore Exchange approval for the resumption of trading of the company’s shares. PHOTO: SDAI

THE kitchen solutions company formerly known as Kitchen Culture has adopted the counter name SDAI effective Wednesday (Nov 22).

Its trading ticker “5TI” remains the same.

Last week, Kitchen Culture changed its company name to SDAI after it lodged a notice of resolution with the Accounting and Corporate Regulatory Authority.

The name change was one of two resolutions approved at the company’s extraordinary general meeting (EGM) held last Friday, where shareholders also voted in favour of appointing Foo Kon Tan as the company’s statutory auditor.

“The change of the company’s name from ‘Kitchen Culture Holdings Ltd’ to ‘SDAI Limited’ will reflect the company’s strategic direction and business activities going forward,” said the company in a Nov 17 statement on its EGM results.

“This will enable the company to create a new corporate identity for itself and develop a new positioning in the market, allowing the public and the company’s business partners to better identify with the company under this new name moving forward.”

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Under its new counter name, trading in the shares of SDAI remains suspended.

The suspension had been in place since July 2021 due to a variety of issues, including non-compliance and systemic internal failures.

SDAI’s executive chairperson Hao Dongting said the company’s latest EGM marked a “vital milestone” towards its board’s ultimate goal of obtaining Singapore Exchange approval for the resumption of trading of the company’s shares.

Kitchen Culture’s new board outlines targets for AGMs, financial reporting

The actions are part of several corporate moves by Kitchen Culture to recover from its legal and financial woes.

Kitchen Culture pays up rental arrears, appoints five new directors

An independent review of Kitchen Culture flagged potential payroll irregularities, as well as uncovered unauthorised transactions by the company.

SGX RegCo to review Kitchen Culture’s potential listing-rule breaches

Private investor Tan Gin Tat had lent S$1 million and S$500,000 to Kitchen Culture under two separate loan agreements in August and December 2022.

Kitchen Culture receives letter of demand, asked to repay S$1.5 million loan due to event of default

Kitchen Culture says the redesignation is due to the need for the chairperson to lead the company following the recent changes made to its board.

Kitchen Culture redesignates Hao Dongting as non-executive chairperson

Kitchen Culture has also secured a S$4 million loan to pay its debts and for general working capital.

Kitchen Culture reaches agreement with dissenting shareholders to appoint new directors

“With the new management in place, we are actively working to chart a new path for the company by pursuing various strategies going forward, including a new name for the company as a testament and reflection of the positive developments being undertaken in our new growth trajectory,” added Hao.

The company said it has also been “working hard to accelerate the process” of completing its independent special audit – conducted by Deloitte & Touche Financial Advisory Services – by the end of the year to comply with statutory requirements.

It highlighted this as another key factor for SDAI’s shares to resume trading.

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