SINGAPORE - Catalist-listed coffeeshop operator Kimly is seeking the re-election of its executive chairman Lim Hee Liat - who is under probe by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) - at an upcoming annual general meeting (AGM).
Upon re-election, Mr Lim would remain executive chairman, the AGM notice said.
Kimly is being probed by the authorities over a controversial purchase of a drinks firm, Asian Story Corporation (ASC), that was later aborted. In November last year, the company revealed that Mr Lim and executive director Chia Cher Khiang are under investigation by the MAS and the CAD for allegedly flouting the Securities and Futures Act. Both were arrested and later released on bail.
Kimly cancelled its purchase of ASC, which it bought from former Pokka Corp employee Wang Chia Ye for $16 million in cash in July last year. Kimly said it decided to cancel the deal after food and drinks maker Pokka Corp gave a six-month notice on Nov 22 to terminate its manufacturing agreement with ASC.
The AGM and an extraodinary general meeting are both being held on Jan 30, at The Grassroots' Club. Shareholders will vote at the EGM on the renewal of its share buyback mandate and the renewal of shareholders' mandate for interested person transactions.