Kimly has completed the acquisition of a 75 percent stake in the Tenderfresh Business, which includes central kitchens, restaurants, kiosks, food stalls and customer relationships, for S$54 million, the Singapore-style coffee shop operator said in a filing to SGX Friday.
The consideration was satisfied by S$34 million in cash using internal resources and S$16 million via issuing 51.22 million consideration shares at S$0.3124 each, the filing said. The balance of S$4 million is the earn-out consideration, the filing said.
The new shares, which represent around 4.12 percent of Kimly’s enlarged share capital, are expected to be listed on Catalist on or around 5 October, Kimly said.
Tenderfresh Business manages 14 concepts and 42 outlets, including local cuisine, Western food, kiosks, catering, retail outlets and original equipment manufacturing (OEM), as well as operating a Halal-certified central kitchen, the filing said. The central kitchen offers catering to around 140 brands and outlets, supplying semi-finished products to its own outlets and to meet OEM demand for customers in Singapore, the filing said.
In addition, Kimly said it has opened a second Kedai Kopi outlet at Block 12 Haig Road, around six months after opening the first at Block 380 Clementi. The second outlet, which can seat 168 customers, offers Tenderbest’s fried chicken and Bandung Grenade, in a Halal setting, the filing said.
Tenderbest has also opened its third Tuckshop concept outlet at Punggol Golf Driving Range in September, Kimly said.
“We are excited about the opening of the new outlets for two of our most popular brands and the growth potential in the Halal food market. The new concepts and partnerships in the latest two outlets highlight the desire by the local market for newer and fresher Halal food options,” Kimly said. “We will continue to innovate and create unique Halal food experiences to cater to this demand, and also aggressively seek opportunities to expand and grow this unique Halal dining experience.”
Kimly operates and manages a network of 83 food outlets, 136 food stalls, two Tonkichi restaurants and seven Rive Gauche Patisserie shops in Singapore, as well as a central kitchen supplying sauces, marinades and semi-finished food products to food stalls.