Kimly buys coffee shop and industrial canteen

Singapore

SINGAPORE'S largest traditional coffee shop operator Kimly Limited has gone on an acquisition spree in a bid to expand its kopitiam empire further.

The Catalist-listed company announced on Wednesday that it had recently bought over a coffee shop and an industrial canteen.

Kimly paid S$850,001 to manage and operate Yong Yun coffee shop, located at Block 631 Bedok Reservoir Road, the drinks stall in the premise, and the coffee shop leases through Yong Yun, an indirect wholly owned subsidiary of the company.

The payment of S$850,000 will be through the issuance of 1.7 million new shares and S$1 in cash.

The industrial canteen at Primz Bizhub in Woodlands Close was obtained by Kimly for S$650,001, in a similar move as the coffee shop - S$650,000 through the issuance of 1.3 million shares and S$1 in cash.

Kimly is a household name for its kopitiams offering food and beverage, with nearly 500 stalls across 64 outlets - 56 coffee shops, five food courts and three industrial canteens.

The group launched its IPO on the Singapore Exchange on March 20, with 173.8 million new shares at S$0.25 each for listing on the Catalist Board.

Kimly shares closed at 39.5 Singapore cents on Wednesday, a dip of 3.7 per cent.