YKGI announced that its wholly-owned subsidiary Yew Kee Collective has acquired the remaining 50% and 20% shares in Fine Food F& B (FFF& B) and Fine Food (Nanyang) (FFNY) respectively, from an individual Tan Hwee Meng for $330,000.

 

Based on FFF& B and FFNY&rsquo s unaudited financial statements for the six months ended June 30, FFF& B and FFNY&rsquo s net profit after tax was $293,000, and its net book value and net tangible assets was $782,000.

 

Based on FFF& B and FFNY&rsquo s unaudited financial statements for the financial year ended Dec 31, 2022, FFF& B and FFNY&rsquo s net profit after tax was $441,000. The net book value and net tangible assets attributable to the sales shares as at June 30 based on the unaudited financial statements of FFF& B and FFNY was $287,000.

 

the proposed acquisition will give YKGI full control over FFF& B and FFNY which is in line with the group&rsquo s business strategies and future plans. The acquisition will also allow the group to account for the full profit contribution from FFF& B and FFNY and the benefits of managing its resources efficiently.

 

Accordingly, the board is of the view that the proposed acquisition will bring value to shareholders of the company and is in the best interest of the company and its shareholders.

 

FFF& B was incorporated in Sept 2017, while FFNY in Sept 2019. Both companies&rsquo principal activity is letting and operating of self-owned or leased food courts, coffee shops and canteens (with mainly rental income) with stalls selling cooked food and prepared drinks (including stalls at food courts and mobile food hawkers) as the secondary activity.

 

YKGI Limited YK9 0.00% has entered into a non-binding overseas authorisation memorandum (OAM) with Fang Yuan F& B International to operate and, or manage the Chicha San Chen franchise in Macau.

 

Both parties will work towards entering the definitive agreements afterwards.

 

Fang Yuan is the franchisor of the Taiwan-based bubble tea brand. YKGI had previously signed a master franchise agreement with Fang Yuan and was granted the franchise and license to operate outlets under the Chicha San Chen brand in Singapore. The master franchise agreement is good for a term of 10 years from Jan 14, 2019.

Between Jun 15 and Jun 20, YKGI : YK9 0% executive chairman and executive director Seah Boon Lock acquired 1,033,300 shares at an average price of S$0.136 per share.

 

With a consideration of S$140,691, this increased his deemed interest in the Catalist-listed food and beverage player from 77.46 per cent 77.70 per cent.

 

Seah has gradually increased his deemed interest in YKGI from 76.70 per cent on Feb 6. He has more than 30 years of experience in the F& B industry and was a founder the group.

 

Sing Investments & Finance

On Jun 19, Sing Investments & Finance (SIF) : S35 -0.5% deputy managing director Lee Sze Siong acquired 32,000 shares at S$1.00 apiece. This increased his total interest in the licensed finance company from 30.52 per cent to 30.54 per cent.

 

His preceding acquisition was on Jun 12, with 8,000 shares also acquired at S$1.00 apiece.

 

SIF&rsquo s principal activities include accepting deposits from the public and providing loans and credit facilities to individuals and corporations, particularly the small and medium-sized enterprises in Singapore.

 

Lee currently oversees the company&rsquo s credit documentation & operations, credit control, finance, IT support, product management, HR, tenancy and building maintenance.

Between May 25 and 26, YKGI : YK9 0% executive chairman and executive director Seah Boon Lock acquired 1,341,900 shares at an average price of S$0.131 per share. With a consideration of S$175,327, this increased his deemed interest in the Catalist-listed food and beverage (F& B) player from 76.92 per cent 77.23 per cent.

 

Seah has gradually increased his deemed interest in YKGI from 76.70 per cent on Feb 6.

 

He has more than 30 years of experience in the F& B industry and was a founder the group.

 

YKGI, an abbreviation for Yew Kee Group International, represents the aspirations of the group expanding internationally from Yew Kee, a household name which started in the 1950s as a pushcart selling braised duck rice in Nee Soon, to Yew Kee Group which manages a diverse portfolio of brands.

Between May 4 and May 10, YKGI executive chairman and executive director Seah Boon Lock acquired 350,000 shares at an average price of S$0.144 per share. With a consideration of S$50,245, this increased his deemed interest in the F& B player from 76.83 per cent to 76.91 per cent. Seah has more than 30 years of relevant experience in the F& B industry and was a founder the group. YKGI listed on the Catalist board on Feb 6.