Kitchen Culture Holdings Ltd: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Wright Reports
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Kitchen Culture Holdings Ltd Proposes Diversification Of Business; Signs Memorandum Of Understanding In Relation To Proposed Joint Venture
Kitchen Culture Holdings Ltd announced that together with its subsidiaries it has proposed to diversify its business (“Proposed Diversification”) to include property development, investment and trading business (“Proposed New Business”). The Proposed New Business is complementary to the Group’s current business activities as a premier kitchen solutions provider for luxury residential projects. Being a new entrant to the Proposed New Business, the Group intends to undertake the Proposed New Business in partnership/collaboration with third parties who have the relevant knowledge and resources, as a start. The Company has on September 11, 2012 entered into a non-binding Memorandum of Understanding (“MOU”) with an unrelated third party (the “JV Partner”) for the establishment of a joint venture (the “Proposed Joint Venture”). The Company is expected to hold 20% interest in the Proposed Joint Venture and the remaining 80% interest will be held by five unrelated parties (including the JV Partner). The joint venture company (“JV Co”) will be engaged in an en bloc sale and high-end residential redevelopment project, involving the acquisition of en bloc properties (the “En Bloc Properties”) at a purchase price of approximately SGD 92.2 million (the “Purchase Price”). As of September 19, 2012, the JV Co has yet to acquire the En Bloc Properties.
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