"The group will able to diversify and expand its revenue stream through additional and recurrent rental streams, which mitigates the uncertainties in the private-leasing category," it said.
Some 147,000 ordinary shares will be allocated to Kimly Makan Place and 152,900 ordinary shares each to Hong Kah and Joo Seng, at a consideration of S$147,000 and S$152,900 respectively. Upon completion of the subscription and allotment, Kimly Makan Place will hold 49 per cent of shares in the respective JV companies; Hong Kah and Joo Seng will each hold the remaining 51 per cent.
The board of directors of each of the JV companies will comprise two directors, with one director each being nominated by Kimly Makan Place and the JV partners. Meanwhile, the chairman of the board of the directors shall be solely appointed by Kimly Makan Place. Kimly Makan Place will also be entering a third and final JV agreement with S. Tong Hong coffeeshop at Block 429A Choa Chu Kang Avenue 4 at a later date. upon obtaining permission from HDB. This agreement has been delayed by Covid-19.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »