“Foreign companies see Chile as a safe destination to undertake new projects and expand existing operations,” said InvestChile Director Karla Flores.
InvestChile, the Foreign Investment Promotion Agency, inventoried its project portfolio as of the end of the first half of the year, reporting that it supports 493 initiatives at different stages of development, totaling US $27.9 billion, a 12.6% increase over the same period last year.
The number of projects in the agency’s portfolio rose from 453 in the first half of 2022 to 493 initiatives in June of this year, representing annual growth of 8.8%. Similarly, the number of potential jobs associated with the projects reached 18,381, a 4.6% increase over the 17,578 jobs recorded as of June 2022.
InvestChile Director Karla Flores remarked that several factors explain the expansion of the investment project portfolio. However, the most important is that foreign companies see Chile as a safe destination to undertake new projects and expand their existing operations. “Today, our country is particularly well-positioned to offer investment opportunities critical to the global challenges of decarbonization and digital revolution,” said Flores.
Ninety-seven portfolio projects are underway, injecting US $14.4 billion in investment and more than 6,100 new jobs into the economy. Relative to the first half of 2022, investment was up 36.5%, with 24.4% more initiatives underway and 60.3% more associated employment.
Energy Leads Projects The energy sector once again led the portfolio, with 98 projects valued at US $12.35 billion, followed by the global services and technology sector, with US $5.6 billion; and mining and mining suppliers, with US $ 5.1 billion.
“It is no mystery that Chile leads the region and is an international benchmark in the clean energy sector. While it is true that the industry has been facing significant challenges recently, the interest shown by foreign companies has not diminished,” remarked InvestChile’s Director on the growth of energy-related projects. She added that foreign energy investors “received as very good news” the submission of the energy transition bill, which would modify the General Electric Services Law and position electricity transmission as an enabling sector for carbon neutrality.
Among the main countries in the project portfolio, the United States led the list, with 131 projects totaling US $6.6 billion. China ranked second with initiatives for US$4.6 billion; Canada comes third, with projects totaling US $2.8 billion.
“We are working with demanding targets to keep the portfolio growing, as reflected in the number of projects entered during the period. This figure represents efforts by our team and the result of ‘smart’ promotion strategies involving advanced digital marketing techniques and the fortification of our strategy and competitive intelligence units. We expect to close this year with good news for the country,” concluded Flores.
Palladium One Mining Inc.(TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the Company or Palladium One) is pleased to announce it has discovered several highly anomalous nickel, copper, and cobalt soil anomalies potentially linking the West Pickle and RJ Zones, which are 2.5 kilometers apart. The soil sampling was conducted along an interpreted chonolith / feeder dyke structure. Additionally, the Company is pleased to announce that it has now earned an 80% interest in the Pezim II Property which contains the high-grade West Pickle Zone, that forms part of the larger Tyko Nickel – Copper Project, in Ontario, Canada.
Highlights
Multiple highly anomalous nickel, copper and cobalt anomalies in soils (Figure 2) potentially linking the high-grade West Pickle and RJ Zones along an Interpreted Chonolith / Feeder Dyke structure with values up to:
785 ppm Nickel
431 ppm Copper
49 ppm Cobalt
Preliminary geological mapping discovers new ultramafic outcrops and boulders in the western part of the Tyko Project thereby continuing to support the Company’s geological model.
The 2023 Exploration Program is well advanced with over 5,000 soil samples collected to date, while today’s announcement represents the first <10% or 465 samples.
Palladium One has now earned an 80% interest in the high-grade West Pickle Zone.
The West Pickle Zone has returned up to 10.4% Ni, 3.4% Cu, 0.14% Co, 0.53 g/t Pd, 0.34 g/t Pt, 0.04 g/t Au over 2.3 meters in massive sulphides in hole TK-22-070 (see news release November 29, 2022).
President and CEO, Derrick Weyrauch commented, “We are very pleased with the first result of the 2023 Exploration Program which has returned highly anomalous nickel, copper and cobalt in soils along a considerable area (1.3 kilometers) between the West Pickle and RJ Zones. These results continue to support our geological model that strong magnetic anomalies located between West Pickle and RJ Zones represent a chonolith / feeder dyke potentially linking both zones.”
The newly discovered nickel, copper and cobalt anomalies along the interpreted chonolith / feeder dykes potentially linking the West Pickle and RJ Zone are very strong, with values up to 785 ppm Ni and 431 ppm Cu (Figure 2). For comparison previous soil sampling over the high-grade West Pickle Zone returned up to 116 ppm Ni and 153 ppm Cu, and Smoke Lake Zone retuned up to 565 ppm Ni and 106 ppm Cu. Significantly, the samples contain highly elevated magnesium and chrome values thereby indicating a strong ultramafic signature which further supports the Company’s geological model that a chonolith / feeder dyke occurs in this area.
Mapping, prospecting and soil sampling continues, results are encouraging with ultramafic outcrops and boulders having been discovered in several interpreted chonolith / feeder dyke structures, once again supporting the Company’s geological model. A total of 465 soil samples are included in this release while to date over 5,000 soil samples have been collected.
The key objective of the 2023 Exploration Program at Tyko is ground truthing interpreted chonoliths / feeder dykes prior to diamond drilling (Figure 3). As part of the program, in Q1 2023, the Company completed a high-resolution magnetic survey (see news release May 16, 2023), the results of which are presented in Figures 1 and 3. The 2023 magnetic survey was designed to refine the geometry of the interpreted chonoliths / feeder dykes across the Tyko project’s 30-kilometer strike length. Preliminary geological mapping in the western portion of the property has identified outcrops and boulders of ultramafic pyroxenites which continue to support the chonolith / feeder dyke geological model.
Pezim II Claim Block Earn In Agreement (see Figure 1) The Pezim II claim block optioned from First Class Metals in 2021 (see news release July 27, 2021). Having now completed the requirements to earn an 80% working interest, a Joint Venture Agreement shall be instituted and the Company shall continue to be the operator. Should either party not fully participate in future expenditures, its ownership interest shall be diluted and if one party is diluted to a 10% working interest, that party (“NSR Holder”) shall be granted a 1% NSR Royalty in respect of the Earn-In Properties, while the Surviving Party shall be granted a 100% undivided working interest. The Surviving Party shall have the right at any time to purchase from the NSR Holder the 1% NSR Royalty by way of a one-time payment to the NSR Holder of $1,000,000 for the full 1% NSR.
Figure 1. Tyko Property map showing the mineralized zones and multi-line Versatile Time Domain Electromagnetic (“VTEM”) anomalies, background is total magnetic intensity reduced to pole (“TMI-RTP”). The Pezim II claim block is outlined in yellow.
Figure 2. Zoom in on West Pickle – RJ Zone area showing 2021 and 2023 soil sampling results overlaid on the 2023 high resolution magnetic survey highlighting the interpreted chonolith / feeder dyke structure.
Figure 3. Zoom in on 2023 priority exploration areas showing existing drill holes, interpreted chonoliths / feeder dykes, and proposed work programs. background is TMI-RTP magnetics.
About Tyko Nickel – Copper – Cobalt Project The Tyko Nickel – Copper – Cobalt Project, is located approximately 65 kilometers northeast of Marathon Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel – copper (2:1 ratio) project and with multiple mineralized zones spanning over a 20 kilometer strike length and demonstrating the potential for a new greenfield nickel district.
New Equity Incentive Plan The Company adopted a new equity incentive plan (the “New Plan”), which was approved by the shareholders of the Company at the annual general and special meeting of shareholders held on July 24, 2023. The New Plan is a “rolling up to 10%” share-based compensation plan and allows the board of directors to grant stock options, restricted share units and deferred share units of the Company (collectively, “Awards”). Any Awards currently outstanding under the Company’s previous share-based compensation plans will remain outstanding and be governed by the previous plans, however new Award grants will be subject to the New Plan.
A copy of the New Plan is attached to the management information circular of the Meeting, a copy of which was filed on SEDAR on June 30, 2023.
Qualified Person The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43-101.
About Palladium One Palladium One Mining Inc. (TSXV: PDM) is focused on discovering environmentally and socially conscious Critical Green Transportation Metals. A Canadian mineral exploration and development company, Palladium One is targeting district scale, nickel – copper sulphide and platinum-group-element (PGE) deposits in Canada and Finland. The Lantinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.
ON BEHALF OF THE BOARD “Derrick Weyrauch” President & CEO, Director
For further information contact: Derrick Weyrauch, President & CEO Email: info@palladiumoneinc.com
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company’s expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
Indonesia Commodity & Derivatives Exchange Group (ICDX Group), through its entity Indonesia Climate Exchange (ICX), officially facilitated the initial trading of Renewable Energy Certificates (REC). This first voluntary REC trade carried out by ICX was sourced from Geothermal Power Plants and also Micro Hydro Power Plants.
This initial trade includes a REC transaction of 1.050 MWh, with an opening price of IDR 35,000 and an auction closing price of IDR 38,000, an increase of 8.57%. This trade is proof that market participants can trade market-based climate instruments through an effective, efficient, open platform, as proven by higher auction closing prices, driven by increased demand.
Renewable Energy Certificate (REC) is a certificate that proves that electricity production per megawatt hour (MWh) comes from non-fossil power plants, such as hydropower, wind power, solar power, geothermal or bioenergy-based plants. REC trading that occurs on ICX can be a market-based solution to provide economic incentives to market players and renewable energy investors.
Nursalam, CEO of ICDX Group said, “By using the platform at ICX, industry players will be provided with convenience in terms of market access, as well as accountable and transparent trading. This certainly opens up space for corporations to be able to make the transition towards low-carbon operations. ICDX Group will continue to push for decarbonization efforts through the democratization of carbon trading. Our hope, of course, is that what we have implemented in the future can be replicated for other climate instruments such as carbon trading on a wider scale.”
Nursalam added, “Of course we really appreciate those who have participated in the decarbonization program through the REC trade. This shows that the responsibility towards low carbon emissions is our shared responsibility. For now, several corporations that have participated are PT Agrodana Futures, PT Phillip Futures, PT Victory International Futures, PT Magnet Berjangka Indonesia, PT Rajawali Kapital Berjangka, PT Handal Semesta Berjangka, and several other entities. In the future, we will continue to invite various parties to participate in this program.”
Megain Widjaja, CEO Indonesia Climate Exchange (ICX) said, “The REC transaction by the ICX has undergone a rigorous trial and alignment phase. This phase adhered to global standards in terms of technology and ecosystem. ICX is dedicated to expanding the range of climate instruments available on our platform. Our goal is to become the preferred choice for both government and industry players looking to transition towards low-carbon operations.”
By engaging in this REC transaction, the Indonesia Climate Exchange has the potential to establish itself as a pioneering platform for climate instrument trading. This includes the widespread implementation of carbon trading and facilitating the adoption of various industries throughout Indonesia. The development of climate instrument trading necessitates collaboration between stakeholders and the government to effectively Development related to trade in climate instruments requires synergy between actors and the government in order to achieve the unconditional Nationally Determined Contribution (NDC) target of 31.89% and conditional target of 43.2% with the Business as Usual (BaU) mechanism in 2030 in efforts to reduce emissions carbon. “We invite all stakeholders to jointly make efforts to reduce carbon emissions,” added Megain.
The trading of the Renewable Energy Certificate (REC) has been in existence since 2014. This was a result of the RE100 movement initiated by a consortium of major global corporations with the objective of achieving complete reliance on renewable electricity consumption. The set goals for renewable energy consumption include reaching a minimum of 30% by 2020, 60% by 2030, 90% by 2040, and ultimately achieving full utilization of renewable energy sources by attaining a target rate of 100% in 2050.
About the ICDX Group: The Indonesia Commodity & Derivatives Exchange Group (ICDX Group) is a trading ecosystem consisting of the Commodity Exchange (ICDX), the Indonesian Clearing House (ICH), ICDX Bonded Logistics (ILB) and the Indonesia Climate Exchange (ICX). ICDX Group facilitates transactions of various types of commodities, finance and climate, which was established in 2009. ICDX Group has a vision to modernize trade and financial infrastructure through a commodity trading system ecosystem and market deepening through derivative contracts. Visit: https://www.icdx.co.id/
About Indonesia Climate Exchange (ICX): Indonesia Climate Exchange (ICX), a part of the ICDX Group, was established to aid the government’s mission of decreasing carbon emissions. It specializes in trading climate instruments and aims to make decarbonization accessible for all industry participants through convenient transactions, diverse product options, and transparent accountability. This enables businesses to seamlessly transition to low-carbon operations by utilizing Indonesia Climate Exchange services. Visit: https://www.climateexchange.id/
For further Information: P Giri Hatmoko Indonesia Commodity & Derivatives Exchange (ICDX) Group Tel: +62 21 30027788 www.icdx.co.id
Core Healthcare Business[1] revenue remains resilient and the Group has a healthy net cashflow from operating activities for 1H23 of $14.2 million, providing cash resources for sustainable growth.
Well-positioned to cater to the rising demand for primary and high value specialist dental healthcare services through network expansion and optimisation of the Group’s Artificial Intelligence system.
1st interim dividend of 0.16 cents per shares to be paid on 13 September 2023.
Mainboard-listed Q&M Dental Group (Singapore) Limited(Q&M, the Company, and together with its subsidiaries, the Group) today reported total revenue of S$87.1 million, and profit after tax attributable to parent of S$5.3 million for the first half ended 30 June 2023 (1H2023). The Group’s earnings before interest, tax, depreciation, amortisation (EBITDA) for 1H2023 was S$18.5 million.
Core Healthcare Business revenue decreased marginally from S$83.7 million for 1H2022 to S$83.3 million for 1H2023, mainly due to higher revenue contribution from Singapore dental clinics offset by lower revenue contribution from Singapore medical clinics and the impact of the weakening Malaysian Ringgit for the Group’s operations in Malaysia. The Group’s other business segment ie medical laboratory were impacted by lower demand for Covid-19 testing.
Dr Ng Chin Siau, Group Chief Executive Officer of Q&M, said, “The continual resilience of Q&M’s Core Healthcare Business is well appreciated by investors and reflects the Group’s well-established foundations. Further, we will focus on organic growth following significant expansion of our dental clinic network across Singapore and Malaysia in 2022. We will continue to invest in technology and implement strategies that will enable us to further optimise productivity across our clinic network.”
Recently, Q&M launched its dedicated mobile App on both the Apple Appstore and Google Play. With just the click of a few buttons, a patient can select their preferred date, time and clinic location to make appointments to see the dentist. Q&M’s patients can receive timely reminders before the appointment dates and view past and future appointments, reschedule or cancel appointments anytime, as well as manage their digital receipts through the App. Additionally, results of x-rays taken are uploaded into the App for quick reference. The patient will receive a 6-monthly reminder notification when it is time for them to attend their dental check-up, so as to ensure their dental and oral conditions are closely monitored.
Looking ahead Q&M Group has devised a holistic strategy to foster sustainable growth focusing on organic growth by leveraging on our brand and expertise and capitalising on opportunities to expand our services and reach. We are working hard to build a strong platform upon which our future growth can be firmly established based on the following 5 thrusts: 1. Building Strong Foundations- strengthening the basics Our cluster management system is being enhanced with dentists and dental assistants working even more closely together with area managers to optimise both human and physical resource allocation throughout the network. 2. Improving efficiency – reducing costs and wastage Our Group is mindful of keeping costs low and using central purchasing as much as possible to reduce wastage and ensure more just-in-time ordering so that we can also reduce storage costs correspondingly. 3. Medical Laboratory Post-pandemic, the Group’s medical laboratory business, Acumen Diagnostic will continue to develop its range of tests and solutions to maximise its intellectual property and research capabilities for various medical purposes. These include the tests for sepsis, identification of bacteria pathogens and their associated antimicrobial resistance in hospitalised pneumonia. 4. Expanding our brand- locally and overseas Beyond Singapore, the Group continues to explore good opportunities to develop a new sustainable growth pillar through organic growth and further expansion of its dental business in Southeast Asia growing private dental healthcare market. We are also exploring the expansion of the Q&M brand and knowhow beyond our current borders. As a premium dental group with a strong reputation for high-quality products and services, we are working towards exporting our expertise regionally and beyond in a deliberate and decisive manner.
Commitment to our Community Anchored in the Company’s philosophy, Q&M Free Dental Clinic Limited, a registered charity under the Commission of Charities, opened its first free dental clinic on 10 July 2023 in Chai Chee, to provide essential dental treatment for the underprivileged individuals and families in need.
This press release is read in conjunction with Q&M’s 1H2023 results release on SGXNET.
For more information, please read the attached SGXNET announcement and media release.
[1] Core Healthcare Business excludes contributions from the Group?s medical laboratory and expenses incurred on the development of the Group?s digital Artificial Intelligence (AI) guided clinical decision support system as well as rental rebates received from the Singapore Government.
About Q&M Dental Group (Singapore) Limited (QC7.SI) Q&M Dental Group (Singapore) Limited (QC7.SI) (“Q&M” or together with its subsidiaries, the “Group”) is a leading private dental healthcare group in Asia.
The Group owns the largest network of private dental outlets in Singapore, operating 108 dental outlets across the country. Underpinned by about 270 experienced dentists and over 350 supporting staff, the Group sees an average of 40,000 patient visits a month in Singapore. The Group also operates 5 medical clinics and a dental supplies and equipment distribution company.
Outside of Singapore, the Group has 44 dental clinics and a dental supplies and equipment distribution company in Malaysia, as well as a dental clinic in the People’s Republic of China (“PRC”). Q&M is also the substantial shareholder of Aoxin Q&M Dental Group Limited, a dental Group listed on the Catalist board of the Singapore Exchange that operates dental clinics and hospitals primarily in the north-eastern region of the PRC. The Group aims to expand its operations geographically and vertically through the value chain in Malaysia, the PRC and within the ASEAN region.
The Q&M College of Dentistry was established in 2019 to offer postgraduate dental education as part of its commitment to continual education and professional development of dentists. It offers Singapore’s first private postgraduate diploma programme in clinical dentistry.
In 2020, the Group expanded into the medical laboratories and research industry with the strategic investment into Acumen Diagnostics Pte. Ltd. (“Acumen”). Currently, Acumen focuses on developing its range of medical research, tests and solutions to secure viable patents and to achieve successful commercialisation of the medical products in the near future.
The Group was listed on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX- ST”) on 26 November 2009.
Company’s lawyers have advised that 4 shareholders seeking to hold an EGM on 22 August had breached Company’s Constitution
ASTI accused the requisitioners of ‘usurping the right, power and entitlement of its directors to scrutinize, attend and conduct the proposed EGM (assuming that it was otherwise properly called)’
ASTI intends to release its audited FY2021 results this Wednesday and hold AGM on 31 August, which will facilitate the progress of a Potential all-cash Exit Offer already proposed by a consortium
Company is also asking SIAS to hold a dialogue next week that will include all shareholders, including requisitioners and representatives of the Potential Offeror
ASTI Holdings (ASTI or the Company) said today that a second attempt to call for an extraordinary general meeting (EGM) to replace all 5 current directors, as well as the EGM itself, are invalid. Instead, it urged shareholders to ignore the invalid EGM and to attend the Company’s Annual General Meeting for its FY2021 (FY2021 AGM) scheduled for 31 August 2023.
Acting on the advice of its lawyers, ASTI said 4 requisitioners seeking to hold an EGM on 22 August 2023 had breached Company’s constitution.
“The Requisitioning Shareholders are usurping the rights, powers and entitlements of the Board to scrutinize, attend and conduct the Proposed EGM (assuming it was otherwise properly held), and have made and continue to make it impossible for the Proposed EGM (assuming that it was otherwise properly held) to be actually, properly and validly held and conducted by the Board in all respects in compliance with the Constitution and such laws,” ASTI said.
ASTI also pointed out that the requisitioners have failed and/or neglected, or deliberately and recklessly without regard to their duty to give such Notice of the EGM to “all Members” as required by the Constitution. Further, no notice was given to the Auditor, which is also a requirement of the Constitution.
The second attempt to overhaul ASTI’s board is taking place after a consortium, Prospera Alliance Pte. Ltd. (“Prospera”), has expressed genuine interest to make a pre-conditional voluntary general cash offer (”Potential Exit Offer”) for the Company. The consortium comprises Stock Exchange of Thailand-listed Capital Engineering Network Public Company Limited (“CEN”) and a substantial ASTI shareholder, Mr Heah Theare Haw.
Prospera, whose offer ASTI believes remains “the only and most advanced exit offer available at the moment”, has said it is deeply concerned about the proposal to remove all current directors, and that it will re-assess the viability of implementing the exit offer.
As such, ASTI said it will continue to work with Prospera to address its concerns and to ensure amicable communications, so as to reach a viable solution in the best interest of the Company and for the benefit of all shareholders.
The 4 – Mr Ng Yew Nam (“Mr Ng”), Mr Lim Chee San, Mr Toh Cheng Hai and Mr Ng Kok Hian – had led an attempt in April 2023 – later deemed invalid – to call for an EGM to overhaul ASTI’s board. In their second attempted EGM, being called under section 177 of the Companies Act, they seek to appoint 5 new directors including Mr Ng as Executive Director.
Among the 5 current directors they seek to remove is a CEN-nominated director, Mr Theerachai Leenabanchong. Prospera has informed ASTI that it is concerned whether this indicates that the new board is not receptive to the Potential Offer.
ASTI said that the requisitioners, in breach of the Company’s Constitution, “clearly and unequivocally are usurping the right, power and entitlement” of the Board of Directors to conduct the Proposed EGM (assuming that it was otherwise properly held) in a proper manner.
Hence, shareholders should ignore the invalid 22 August 2023 EGM, ASTI said. To minimise disruptions caused by the requisitioners, the Company urged shareholders to focus on the FY2021 AGM 9 days later when they will be able to consider on the audited results, and vote on the election or re-election of directors and the appointment of the auditor for FY2022.
ASTI intends to release the FY2021 results by 16 August 2023 and hold the FY2021 AGM on 31 August 2023. This long-awaited AGM will allow ASTI to comply with and satisfy the requirements of the Second Notice of Compliance issued by the Singapore Exchange Regulation on 21 July 2023.
To address concerns of shareholders and to maintain a spirit of openness and discussion, ASTI has written today to the Securities Investors Association (Singapore) (“SIAS”) to facilitate and moderate a Shareholders’ Dialogue early next week, ahead of the FY2021 AGM.
ASTI said it intends to invite all shareholders, the requisitioners as well as representatives of the Potential Offeror to the dialogue. “We have been urging a spirit of open communications among all shareholders and with the Potential Offeror. Instead, the requisitioners have so far rebuffed our appeals with a response that they prefer legal correspondence,” ASTI said.
“ASTI has already achieved a financial turnaround in the first half of FY2022. The presentation of the FY2021 audited results to shareholders on 31 August 2023 will facilitate the progress of the Potential Exit Offer which can unlock value for all shareholders. Hence, we continue to seek open dialogue with all parties concerned,” the Company said.
The Potential Offer is subject to, amongst others, approvals being obtained from the Securities Industry Council (“SIC”) of Singapore. ASTI has been informed that the Potential Offeror has submitted an application to the SIC for the necessary approvals.
ASTI recorded an unaudited profit after tax of S$3.0 million for FY2022 which reversed a pre-tax loss of S$8.1 million in FY2021. However, it could not exit the SGX-ST Watch-list by the 5 June 2022 deadline as its six-month average daily market capitalisation was short of the S$40 million threshold. After several attempts to extend the deadline were rejected, ASTI’s shares were suspended from 5 July 2022 pending the completion of an exit offer.
Media & Investor Contact Isaac Tang WhatsApp (Text): +65 9748 0688 asti@wer1.net
Mega promotion to spotlight benefits of partnering with Hong Kong to tap post-pandemic opportunities in Asia
The Hong Kong Trade Development Council(HKTDC) will take its mega promotion campaign, Think Business, Think Hong Kong, to Paris on 19 September. The full-day symposium, set to take place at Carrousel du Louvre Paris, will bring together business leaders from Hong Kong and France to discuss the latest developments and opportunities in Asia’s new economy and across diverse sectors, including green finance, sustainability, innovation and technology, and more.
As the HKTDC’s first large-scale promotion event in Europe after the pandemic, it is expected to attract more than 1,000 participants to explore business cooperation and opportunities.
The HKTDC’s Think Business, Think Hong Kong campaign aims to showcase Hong Kong as a resilient business and investment hub and the ideal platform for global businesses to tap opportunities in the thriving Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and wider China and Asia markets.
At the event, Dr Peter K N Lam, HKTDC Chairman, Mr Paul Chan, Financial Secretary of the HKSAR and Mr Olivier Becht, France’s Minister for Foreign Trade, Economic Attractiveness and French Nationals Abroad will deliver remarks at the symposium’s opening session.
A number of high profile speakers will share their insights, including Mr Arnault Castel, Founder of kapok; Mr Dennis Chan, Founder and Creative Director of Qeelin; Mr Jose Maurellet, SC, Vice Chairman of the Hong Kong Bar Association and Des Voeux Chambers; and Mr Wilfred Yiu, Co-Chief Operating Officer & Head of Equities of Hong Kong Exchanges and Clearing Limited.
The event will feature thematic sessions on hot topics in business today, including on green finance, opportunities in innovation in Asia and business opportunities in the GBA, and how French companies can capture opportunities through Hong Kong.
There will be extended networking activities, with Hong Kong government officials and business leaders from across sectors, including technology, finance and professional services, taking part in the programme. One-on-one business consultations, on-site business matching with French companies as well as the Hong Kong Dinner provide many opportunities for the business communities of France and Hong Kong to connect.
Strong France-Hong Kong ties France is an important trading and investment partner of Hong Kong. In 2021, it was Hong Kong’s third largest trading partner, export market and import market in the EU. France was also the largest EU investor in Hong Kong at the end of 2020, while Hong Kong was the fourth most popular destination for French investment in Asia. Hong Kong investors also made substantial investments in France, with the city the second largest Asian investor in the country. As of 2022, there are more than 360 French companies in Hong Kong.
Hong Kong an ideal business partner Hong Kong has been consistently ranked top on economic freedom and competitiveness. Its institutional strengths, including the free trade and investment regimes, a simple and low tax system and free flow of capital and goods offer a favourable business environment for investors.
Beyond trade and finance, Hong Kong offers exciting prospects in innovation and technology (I&T) for French start-ups. Entry into or expansion in Mainland China as well as conducting joint research can help French enterprises further grow their business. With its aim to create an I&T new hub of 30,000 hectares, Hong Kong’s Northern Metropolis project also offers many opportunities, which will be highlighted at the symposium.
Hong Kong’s strategic location as an international financial, fundraising and investment hub and as the international gateway between Mainland China and the rest of the world presents immense opportunities for French companies seeking to expand in the GBA, Mainland China, Belt and Road countries and ASEAN.
About HKTDC The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
Media enquiries HKTDC’s Communication & Public Affairs Department: Snowy Chan, Tel: +852 2584 4525, Email: snowy.sn.chan@hktdc.org Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org
Dazz joins AWS Independent Software Vendor (ISV) Accelerate Partner program to accelerate growth in cloud computing market with AWS Sales team
Dazz, the global leader in cloud security remediation, announced today that it was selected to join Amazon Web Services’ Independent Software Vendors Accelerator program for its seamless integration with AWS, enabling customers to quickly adopt and scale cloud computing while improving the process of discovering, reducing, and fixing security issues. The ISV Accelerate program helps independent software vendors (ISVs) like Dazz accelerate their growth and success in the cloud computing market through close collaboration with the AWS Sales team. The new partnership builds on the existing relationship between Dazz and AWS, which includes the Dazz Remediation Cloud being available for purchase in the AWS Marketplace, as well as Dazz’s recognition as an APN Global Startup.
Dazz empowers businesses to embrace modern development and a rapid shift to the cloud-including greater utilization of containers and adoption of serverless architectures-all with complete code-to-cloud visibility of their environments.
It’s a challenge that daunts many enterprises in doing business online: cyberattacks can happen in minutes, but discovering and fixing cloud application vulnerabilities and misconfigurations can take weeks. Dazz enables cloud security and engineering teams to quickly take action by automatically prioritizing critical issues, reducing alert noise, and fixing issues at root causes all in a developer-friendly workflow. Through Dazz, AWS customers will be able to significantly reduce the mean-time it takes to remediate security risks, as well as gain full pipeline visibility into the cloud infrastructure and software development life cycle.
“When customers deploy on AWS, they are able to scale development rapidly,” said Merav Bahat, Dazz’s co-founder and CEO. “Security teams need a way to keep up and scale their visibility into potential gaps or vulnerabilities across all code, containers, and infrastructure. We are proud to extend our partnership with AWS and empower security and engineering teams to collaborate more efficiently on fixing critical issues, so more time can be spent on building, innovating, and accelerating the business.”
About Dazz Dazz accelerates cloud remediation for security and engineering teams. The Dazz Remediation Cloud maps your code-to-cloud pipelines, reduces your security alerts to their key root causes, and remediates issues right in the developer’s workflow. With Dazz, you gain full pipeline visibility, cut through alert noise, increase the value of existing tools, and shrink your risk window by reducing time to remediate. Visit us at dazz.io and follow us on Twitter at @dazz_io and LinkedIn at dazz-io.
Contact Information Tamar Harel Head of US Office, STLV tamar@shalomtelaviv.com +972508879311
INVEST Fair 2023 is jointly organised by ShareInvestor and InvestingNote
Two-day physical event will feature more than 50 speakers to inspire investors’ confidence
ShareInvestor Pte Ltd, Singapore’s largest independent platform for investor relations, market data tools and investor education will co-host INVEST Fair, Singapore’s largest investment fair, along with InvestingNote, Singapore’s first and largest community for retail investors. Under the timely theme of “Growing Wealth with Confidence”, this year’s event aims to inspire participants to boldly move forward in their investment journey amidst a challenging external environment.
Held from 10am to 5pm on Saturday (12 August) and Sunday (13 August), INVEST Fair will host more than 50 expert speakers from the field of finance and investment, including fund managers from major financial institutions. These experienced experts will share their wealth of knowledge across two days, covering a broad spectrum of topics including the latest market outlook, sector insights, investment knowledge, trading skills, property and alternative investment.
Mr Christopher Lee, CEO of ShareInvestor Group, said, “We have curated an interactive and educational platform for seasoned and novice investors that aims to inspire confidence amidst the pressures of a high interest rate environment and gloomy global outlook.
This year’s event also aims to broaden investors’ horizons beyond traditional equities, with opportunities to learn more about growing your wealth through cryptocurrency, property and alternative investments.”
Guest of Honour, Mr Michael Syn, Senior Managing Director, Head of Equities at SGX, will deliver the keynote address at 10.15am on Saturday (12 August). He brings deep insights as CEO of the stock market, central depository and futures market with a background in investment banking and investment management.
In addition to the line-up of esteemed speakers, this exciting weekend will be filled with lots of fun activities and challenges, interactive booths and lucky draw prizes to be won!
About ShareInvestor (www.shareinvestorholdings.com) A leading regional media and technology company, ShareInvestor Pte Ltd (SI) was founded in 1999 to empower investors to make informed investment decisions. SI focuses on providing investor relations, market data and investor education services, and operates the largest investor relations network in the region.
SI Group has over 130 employees in four countries (Singapore, Malaysia, Thailand and Indonesia). It has also made strategic investments in investor relations/public relations firm, Waterbrooks Consultants Pte Ltd (www.waterbrooks.com.sg), and Singapore’s leading social media platform for investors, Investing Note Pte Ltd (www.investingnote.com).
SI (www.shareinvestor.com) provides online market data for multiple markets across its online platform tools ShareInvestor Station(TM), ShareInvestor WebPro(TM) and ShareInvestor Mobile. Its other products include Investor-One (www.investor-one.com), a website on inverstor education, market news, corporate developments, and data analytics; as well as Inve$t, the e-magazine published weekly in Singapore and Malaysia.
SI organises financial investment seminars and conferences for investors. Its annual large-scale events InvestFair(TM)(www.investfair.com.sg) in Singapore and Malaysia draws thousands of participants.
About InvestingNote (www.investingnote.com) InvestingNote is the largest and most interactive platform for investments in Singapore and Malaysia. We’re here to make investing fun and profitable!
It is a community-driven platform designed specifically to help investors and traders to share ideas on stocks, personal finance, news and insights through social networking and a variety of useful investment tools.
Four concurrent events return with grand line-up and new pavilions
Organised by the Hong Kong Trade Development Council (HKTDC), the much-anticipated HKTDC Food Expo, HKTDC Beauty & Wellness Expo, and HKTDC Home Delights Expo will run from 17 to 21 August at the Hong Kong Convention and Exhibition Centre (HKCEC). The inaugural Food Expo PRO will be staged with the returning Hong Kong International Tea Fair at the same venue from 17 to 19 August. At the five events will be more than 1,700 exhibitors, providing a one-stop sourcing and shopping platform for trade buyers and the public to enjoy global cuisines and lifestyle products.
Sophia Chong, HKTDC Deputy Executive Director, announced the full programme and key highlights of this month’s events at today’s press conference.
The Food Expo brings you the best of the world’s cuisines, with a wide range of speciality food and beverages, including the Isey Skyr, the unqiue Icelandic yoghurt, 100% handmade and original tinned cakes, frozen cocktail ice lollies from the Netherlands and made-in-Hong Kong black truffle gelato.
Ticketing partner AlipayHK and Alipay representative, Keith Cheung (L), Head of Marketing, AlipayHK, meets Sophia Chong (R), Deputy Executive Director of the HKTDC at the press conference.
In addition, the International Conference of the Modernization of Chinese Medicine and Health Products (ICMCM), organised by the Modernized Chinese Medicine International Association (MCMIA) together with the HKTDC and eight scientific research institutions, will be held at the same venue on 17 and 18 August to offer the latest industry information and promote the development of Chinese medicine.
Introducing highlights of the August’s events at a press conference today, Sophia Chong, HKTDC Deputy Executive Director, said: “This year’s Food Expo marks our first large-scale public food exhibition with tasting opportunities since the pandemic restrictions were lifted. We have renamed the former Food Expo Trade Hall as Food Expo PRO this year to serve the needs of the catering industry. Coinciding with several exhibitions and the International Conference of the Modernization of Chinese Medicine and Health Products, these events will provide an excellent platform for both industry professionals and the public to explore and learn about diverse gourmet cuisines, beauty and fitness products, healthcare information, and trendy homeware. Boosted by the positive influence of the Consumption Voucher Scheme, we anticipate welcoming large crowds to the events.”
Food Expo PRO – Showcasing a vast array of the latest and specialised product trends (17-19 August) This year, the Food Expo’s Trade Hall is renamed as Food Expo PRO. The first two days will be open to trade buyers, while the last day (19 August) will be open to public and trade buyers. The Food Expo PRO will showcase food and beverage products from 20 countries and regions, with 21 pavilions from Indonesia, Japan, Korea, Mexico, Poland, Thailand, and from Mainland China’s provinces including Fujian, Heilongjiang, Hunan, Jilin, Sichuan, Zhejiang, and more.
Exhibitors from all over the world will showcase various food, service, and technology that reflect the latest product trends, such as Korea’s flavoured pickled seafood, Singapore’s traditional coffee with unsweetened oat milk, Poland’s smooth and mild fruit-flavoured vodka, and essence of mushroom (Yun-zhi) product from the Chinese Medicine and Health Food zone.
On top of diverse exhibits, the fair also provides more specialised and comprehensive information. The new Food Science and Technology Zone will showcase innovative food processing technologies, such as peanut protein-based and alternative plant-based chicken products developed by food tech start-ups, and non-alcoholic beers developed by local academic institutions. Two of Food Tech Symposium sessions will be held during the fair, with the Hong Kong Productivity Council, the Controlled Environment Hydroponic Research and Development Centre and the Technological and Higher Education Institute of Hong Kong discussing the development of emerging technologies in the food industry in Hong Kong, and food technology start-ups sharing how technology is reshaping the F&B and retail industries.
Hong Kong International Tea Fair: Promoting world famous teas and facilitating cultural exchange (17-19 August) Hong Kong International Tea Fair will be open to trade buyers on the first two days of the fair, and to trade buyers and the public on the last day (19 August). There will be 10 pavilions, including the first-time participation of Kenya Pavilion, and returning exhibitors from Sri Lanka, and Mainland China’s Fujian, Guizhou, Hunan, and Jiangsu provinces, showcasing famous teas, tea products and tea wares. Highlighted products include the modern version of Chaoshan Gongfu Tea, enriched and concentrated milk tea, and Japanese handcrafted Tetsubins (cast iron kettles), amongst others.
The Hong Kong International Tea Fair Tea Competition 2023 will be held with awards such as “The Best Aroma Award” and “The Best Taste Award”, selected by professional tea judges in a blind tasting. Attendees will be able to sample the winning teas free of charge on the morning of 19 August.
The two trade fairs will continue to be held under the hybrid exhibition model EXHIBITION+, allowing global food and tea buyers to view exhibitors recommended by artificial intelligence (AI), and to arrange and conduct online meetings with exhibitors through Click2Match, a smart business matching platform, from 10 to 26 August, in addition to the physical trade fairs. For the first time, the Food Expo PRO and Hong Kong International Tea Fair will pilot Scan2Match, which is designed to help buyers connect with exhibitors seamlessly from offline to online.
Food Expo – A culinary voyage around the world (17-21 August) The 33rd edition of the Food Expo presents the Public Hall and Gourmet Zone, that will showcase global cuisines and dining options from around the world, will be open to the public for five consecutive days from 17 to 21 August 2023. The Gourmet Zone will feature nearly 100 exhibitors showcasing the finest cuisines from Asia, Europe and the United States, with desserts, organic greens and fine coffees from all over the world, making it a must-attend event for those who are in appetite for the finest cuisines.
This year, the newly introduced Wine Whisky Wonderland zone brings fine wines from all over the world, and there will be a special K-Food zone for food lovers to keep abreast of Korean culinary trends and culture.
The Public Hall will feature various exhibitors, including more than 30 well-known brands, such as Maxims, Tai Pan, Nissin, Sau Tao, Tao Ti, Kee Wah Bakery, Wing Wah, and Four Seas Group in the Premium Food zone.
The Food Expo also features speciality food and beverages, including Isey Skyr, the unique Icelandic yoghurt,100% handmade and original tinned cakes, frozen cocktail ice lollies from the Netherlands, organic collagen jelly from Korea, made-in-Hong Kong black truffle gelato, and more.
Back again will be the ever-popular cooking demonstration at the Star Kitchen. This year, 18 sessions of Star Chef Cooking Demonstration will be staged at Food Expo. They include Ronald Shao, Executive Chef of Mian; Hung Chi Kwong, Executive Chinese Chef of Run at The St. Regis Hong Kong; Adam Wong, Executive Chef of Forum Restaurant – Ah Yat Abalone; Chan Sai Fai, Executive Chef (Dim Sum) of Chuan Palace; Au-Yeung Chung Kei, Executive Chef of YUE; and Olivier Elzer, French founder, and mastermind behind Clarence.
In collaboration with the Environment and Ecology Bureau’s Committee on Reduction of Salt and Sugar in Food, and the Centre for Food Safety, the expo will invite famous chefs to demonstrate “less salt and less sugar” recipes to advocate the ethos of healthy eating in the city. On 19 August, media veteran Jacky Chan will host the Chef’s Dialogue featuring three renowned Hong Kong chefs who will share their cooking and dining tips and secrets. There will also be several exciting events during the expo, including seminars and talks, wine tasting workshops and exhibitor presentations.
Beauty & Wellness Expo – Rejuvenating the natural beauty from within (17-21 August) The seventh Beauty & Wellness Expo will showcase a wide range of beauty, cosmetic, hairdressing, fitness and wellness products. In addition to the major pavilions hosted by the Federation of Beauty Industry (H.K.), Hong Kong Hair & Beauty Merchants Association, International Beauty & Health General Union, The Cosmetic & Perfumery Association of Hong Kong Ltd, and Hong Kong China Federation of Bodybuilding & Fitness Limited, there will be new pavilions presented by the CIDESCO International CICA Association of Esthetics and Association of International Aesthetics Management.
In addition, Hieggo Pavilion will be exhibiting for the first time at Beauty & Wellness Expo, bringing with it a wide range of health products, with Lawrence Cheng and other guests sharing wellness knowledge at the fair. The expo will showcase an extensive variety of health and beauty products. These include the Pulseroll Vibrating Massage Roller from the United Kingdom, the DR. SCHAFTER Advanced Derma Laser Skin Peel, the FOOTDISC Anti-Fatigue Insoles and the Sericin Poria Pore Refining Booster.
A series of informative and exciting activities will be held including an “Introduction to Mental Health” sharing session organised by Mind HK; a preview of the 2023 IFBB Hong Kong Fitness Awards Charity Open Championship; a seasonal autumn/winter make-up demonstration by expert Edmon Wong; and seminars on topics such as Japanese manicure, slimming and nutritional dieting, and more.
Home Delights Expo – Igniting an ideal smart home (17-21 August) The ninth Home Delights Expo will showcase smart home products, kitchen appliances, kitchenware, tableware, and household products. The Avenue of Delights will feature over 40 exhibitors and several lifestyle brands, including Towngas, ZWILLING JA Henckels, A-Fontane, LAURASTAR, Tiger, and German Pool. The expo will present new home products, including the Hydrogen Plus Cold & Hot Purifier, MasterMind, an AI massage chair equipped with voice control and bespoke functions, and a sterilisation machine for cleansing knives, chopsticks, and cutting boards by Zhang Xiao Quan.
This year, the Hong Kong Furniture and Decoration Trade Association pavilion will continue to showcase home design elements that integrate technology into people’s daily lives to build an ideal smart home. In addition, the Creative Corner will provide a platform for young start-ups to promote and sell their products. Apart from cultural and creative products, the public can participate in exciting activities such as bonsai design and dried flower gift making workshops.
ICMCM – High-calibre experts discuss the inheritance and innovation of traditional Chinese medicine (17-18 August) The Modernized Chinese Medicine International Association together with the HKTDC and eight scientific research institutions will present the latest International Conference of the Modernization of Chinese Medicine & Health Products (ICMCM), offering invaluable Chinese medicine insights and information for industry participants.
This year’s theme is “Inheritance and Innovation of Traditional Chinese Medicine”, featuring 18 keynote speakers, including experts from the United Kingdom, Singapore, Japan, Korea, Mainland China, and Hong Kong who will discuss new Chinese medicine research and development and share successful product commercialisation cases. Running in a hybrid format, the conference will stimulate and facilitate exchange of ideas among speakers and participants. By attending the conference, registered Chinese medicine practitioners in Hong Kong may also apply for Continuing Medical Education (CME) credits.
Promoting electronic payment with Consumption Voucher Scheme and daily lucky draw with the second instalment of the Consumption Voucher Scheme rolled out, the HKTDC is encouraging exhibitors to embrace electronic payment methods to streamline transactions and enable a more convenient and efficient shopping experiences for the public.
The “Lucky Draw” will take place daily during the exhibition period with prizes including hotel accommodation and buffet vouchers, homeware, skincare products, gourmet food, health products and fitness classes. Spending HK$200 or more on a single receipt allows visitors to enjoy one lucky draw entry, with a maximum of five entries per receipt. The HKTDC’s promotional website, “August Happy Buy”, continues to help the public keep abreast of the latest shopping information, various flash sales, “HK$1” offers and more than 160 shopping coupons will be given away. In addition, the HKTDC will also launch a “BYO Utensils for Bonus Rewards” campaign to encourage people to support environmental protection, and some exhibitors will give bonus offers to those who bring their own utensils.
E-tickets are available for sale at AlipayHK, Alipay (HKTDC’s ticketing partner), which offers a HK$3 and Rmb3 discount for every transaction. Other sales outlets include the 01 Space e-ticketing platform, all 7-11 and Circle K convenience stores, and via the Octopus App. Physical ticket sales for the August exhibitions will not be available at the fairground. Instead, toll booths will be set up at the entrance to allow visitors to use their AlipayHK, Alipay or Octopus card for admission instantly. The HKTDC has also extended the discounted morning and night admission tickets for the public to visit the exhibitions during non-peak hours on designated dates.
About HKTDC The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
Media enquiries HKTDC’s Communications and Public Affairs Department: HKTDC Food Expo, HKTDC Beauty & Wellness Expo Kate Chan, Tel: +852 2584 4239, Email: kate.hy.chan@hktdc.org
HKTDC Food Expo PRO, HKTDC Hong Kong International Tea Fair, ICMCM Frankie Leung, Tel: +852 2584 4298, Email: frankie.cy.leung@hktdc.org
Key updates on status of unresolved issues at the point of change of Board on 26 June 2023
Progress made by the new Board since taking over
Setting a new path forward to ensure a sustainable future ahead
The Board of Directors (the Board) of Kitchen Culture Holdings Ltd. (the Company or Kitchen Culture) hereby provides an interim update to lay out the legacy issues facing the Company that the Board has addressed or is currently addressing, as well as to provide shareholders with full transparency on how the Board intends to navigate the path forward.
The list of legacy issues that fell to the new Board upon handover from the previous Board on 26 June 2023 include the following:
a. the Company’s cash balances were so low that that meeting its daily operating expenses has posed significant challenges; b. the previous Board had informed the new Board that outstanding liabilities as at 26 June 2023 was approximately S$3.1 million. These liabilities are currently being verified by the new Board; c. no external auditor had been appointed since the previous auditor, Nexia TS Public Accounting Corporation (now known as CLA Global Public Accounting Corporation), did not seek reappointment at the last Annual General Meeting (“AGM”) held on 18 March 2022; d. arising from (c), there is a delay in issuing the Company’s annual report for the 18-month period ended 31 December 2022 (“FY2022”) containing the audited financial statements for FY2022 and sustainability report for FY2022. Consequently, the Company failed to comply with the disclosure requirements under the Listing Manual Section B: Rules of Catalist (“Catalist Rules”) of the Singapore Exchange Securities Trading Limited (“SGX-ST”) to issue its unaudited financial statements for the quarter ended 31 March 2023 as well as the unaudited financial statements for the half year ended 30 June 2023 by the timeframe required under the Catalist Rules. On 30 April 2023, the Company has obtained no objection from the SGX-ST to hold its AGM for FY2022 by 16 October 2023 and to issue sustainability report for FY2022 by 30 September 2023; e. in conjunction with (d), failure to comply with certain provisions of the Companies Act 1967 (the “Companies Act”) – No AGM has been held in respect of FY2022 and the Company’s application to the Accounting and Corporate Regulatory Authority (“ACRA”) for an extension of time to hold the AGM has been rejected on 28 April 2023, which means the Company has breached and is in contravention of Section 175(2) of the Companies Act 1967 in relation to the deadline to hold its AGM in respect of FY2022. The Company has also not filed its annual return with ACRA within the timelines required under the Companies Act;
f. a previous internal audit conducted by Baker Tilly Consultancy (Singapore) Pte. Ltd. in 2021 had identified certain weaknesses in the Company’s internal controls that are still outstanding and yet to be rectified; and
g. the report on the special audit conducted by Deloitte & Touche Financial Advisory Services Pte. Ltd. (“Special Auditor”) as directed by the Notices of Compliance (“NOC”) issued by the SGX-ST on 14 July 2021 and 19 August 2021 had not been issued at the time of change of the Board.
The Board’s immediate priority has been to resolve the outstanding legacy issues, including (a) negotiating with creditors to resolve all long overdue liabilities, (b) engaging an external auditor to audit the FY2022 financial statements, (c) working with the Special Auditor to complete the special audit, and (d) strengthening the Company’s internal controls, so as to elevate the Company to be in the position of pursuing new business directions. To this end, the Board is pleased to announce the following:
a. on 24 July 2023, the Company announced the full settlement with CDL Properties Ltd. (“CDL”) of S$430,662.13 being payment for rental arrears from December 2022 to March 2023, reinstatement cost, the holding rent for the period from April 2023 to 31 May 2023, interest and legal costs. This settlement mitigates the risk of the Company facing penalties by CDL as a result of it occupying the office space with no reinstatement since its eviction in March 2023; b. on 28 July 2023, the Company completed the first tranche of S$3 million draw-down from the S$4 million loan from Asian Accounts Receivable Exchange Pte. Ltd.. This provides some urgently required cashflow to sustain operations, enabling the new Board room to concurrently negotiate settlement with other creditors; c. the Company has commenced the process of identifying a new external auditor, with a view to convene an extraordinary general meeting (“EGM”) to formally appoint the new external auditor by the 3rd quarter of 2023. In addition, the Company is targeting to convene the FY2022 AGM, as well as releasing the financial results for each of the 1st, 2nd, 3rd and 4th quarters of FY2023 by the 1st quarter of 2024. To make good the previous lapses and eventually bring the Company’s financial reporting up to speed to adhere to the timelines under the Catalist Rules, the Company is looking to hold the FY2023 AGM and release the 1st quarter financial results of FY2024 by the 2nd quarter of 2024. The Company will be making the necessary applications to SGX-ST for the respective extensions of time for the release of the financial results and make the necessary announcements in due course.
In addition, the Board would like to inform shareholders that it is actively pursuing the following: a. negotiating with creditors to settle all outstanding liabilities on terms in the best interests of the Company; b. reviewing and seeking legal advice where necessary on the terms of the S$1.5 million loan agreement entered into by the Company during the tenure of the previous Board and exploring the best way to repay the loan when due; c. actively engaging with the Special Auditor to complete phase 2 of the special audit by the 4th quarter of 2023; d. engaging with the internal auditors to review if previously identified internal control weaknesses have been addressed, and to examine ways to strengthen these internal controls. This will concurrently address the 2 NOCs previously issued; e. actively sourcing and/or developing new and sustainable businesses to be injected into the Company so as to inject a new lease of life into the Company and to raise additional funding for the continued operations and the development of new businesses for the Company; and f. upon resolving all outstanding legacy issues with the gradual readiness of the Company to continuing to function as a going concern the Company will, through its continuing sponsor, consult the SGX-ST on the resumption of trading of its securities.
“The Company is committed to addressing the significant challenges and legacy issues inherited from the previous Board in a positive and transparent manner, with full accountability to our shareholders. The multitude of legacy issues, most of them unresolved in the last 2 years, will need time and effort to resolve and we ask for shareholders’ patience to allow us to work on getting the Company back on the path of restoration and growth.” said Mdm Hao Dongting, Chairperson of the Board. “We have already made some headway in tackling some of the most urgent issues as detailed above and are confident that with the right strategies and execution by the new Board, Kitchen Culture will be able to create sustainable growth and long-term shareholder value.”
“On behalf of the Board, we would like to express our deepest gratitude to the Company’s employees, customers and partners for their continued support during this period of transition. We look forward to working closely with all stakeholders to ensure a successful future for the Company”, added Mdm Hao.
This media release has been reviewed by the Company’s sponsor, SAC Capital Private Limited (the “Sponsor”). This media release has not been examined or approved by the Singapore Exchange Securities Trading Limited (“SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this media release, including the correctness of any of the statements or opinions made or reports contained in this media release. The contact person for the Sponsor is Ms Lee Khai Yinn (Telephone: +65 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.
