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
Kitchen Culture Holdings Ltd Announces Termination Of Memorandum Of Understanding In Relation To Proposed Joint Venture; Update On Proposed Diversification Of Business
Kitchen Culture Holdings Ltd announced that with reference to the announcement made earlier, regarding the proposed diversification of its business to include the property development, investment and trading business (the “Proposed Diversification”) and the entry into a non-binding Memorandum of Understanding between the Company and an unrelated third party (the “JV Partner”) on September 11, 2012 (the “MOU”) for the establishment of a joint venture to engage in an en bloc sale and high-end residential redevelopment project (the “Proposed Joint Venture”). The Company now announced that the MOU has been terminated with effect from 16 November 2012 with mutual consent of the Company and the JV Partner. Each party is released from its obligations under the MOU and shall have no claims of any kind against the other party. The JV Partner has also agreed to refund to the Company the full amount of the deposit of S$1,664,787 which was paid by the Company to the JV Partner to indicate its intention to participate in the Proposed Joint Venture. The Company does not intend to proceed with the Proposed Diversification at this juncture.
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