SINGAPORE - Local coffee shop operator Kimly Limited has received regulatory orders to provide certain information and documents, and is suspending the trading of its stock pending updates, according to a filing to the Singapore Exchange on Tuesday morning (Nov 27).
Kimly said that the suspension is also pending updates on a recent acquisition by the company and on the group's unaudited full-year results ended Sept 30.
Kimly shares last traded at $0.28 before the company called for a trading halt on Nov 22, pending release of an announcement.
Listed on the Catalist board of Singapore’s stock market on March 2017, Kimly is the largest traditional coffee shop operator in Singapore. It operates a chain of nearly 70 food outlets and 130 food stalls under various brands islandwide.
The company has embarked on several acquisitions since its listing, including $850,000 for a coffee shop at Block 631 Bedok Reservoir Road and $650,000 for an industrial canteen at Primz Bizhub in Woodlands Close.
Its most recent acquisition was in July this year when it bought Asian Story Corporation (ASC) from Wang Chia Ye for $16 million in cash. ASC markets and sells a variety of drinks under its “Asian Story” brand and bottled water under its “Simply Water” brand.