Singaporean coffee shop operator Kimly Limited announced that it has completed the acquisitions of six food outlets first announced on 21st February 2020 for US$25.4 million, comprising 2 coffeeshops, 3 industrial canteen units and a restaurant unit.
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Completion of the acquisitions of the remaining two coffeeshops for a total consideration of US$14.54 million will only take place at a later date once the requisite approvals and/or permissions have been obtained, which have been delayed due to COVID 19 disruption.
Part of the total consideration of US$25.4 million has been satisfied through issuance of 22 million new shares at the issue price of US$0.18 per share, representing a substantial premium of close to 15.9% to the volume weighted average price of US$0.15 for the full market day on 2nd June 2020.
Most of these acquired properties will progressively undergo asset enhancement initiatives such as layout improvements, increase of seating capacities, introducing new and exciting food concepts, aimed at retaining current food stall operators, attracting new food stall tenants as well as better serving our customers.
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With the completion, the group’s total number of food outlets will increase from 73 to 79, complemented by an additional 4 drink stalls and 3 food stalls.