On 17 November 2023, Kitchen Culture Holdings Limited (“Kitchen Culture”, “the Company” or with its subsidiaries “The Group”) (Stock Code 5TI.SI) held its Extraordinary General Meeting (“EGM”) at the Grand Copthorne Waterfront Hotel. The following Resolutions were passed:
The event was viewed as a milestone for beginning of a new chapter in the Company’s troubled history. The over 99.99% approval of the two Resolutions was a resounding vote of confidence in the new Board that will steer the Company on the next chapter of its history.
Readers who have missed out on the drama and twists and turns of the Kitchen Culture story may read the following link in Investor-One: https://www.investor-one.com/editorial/23557-Cleaning-Up-a-Kitchen-in-Disarray
The EGM was held to pass the important resolutions as well as marked a positive milestone for Kitchen Culture’s shareholders towards the ultimate objective of resumption of trading in the Company’s shares.
On the EGM
Chairperson of the Board Madam Hao Dongting(郝东亭) said, “Holding the EGM marks a vital milestone towards the Board’s ultimate goal of obtaining SGX approval for the resumption of trading of the Company’s shares. We would like to assure shareholders that we are steadily making progress to create long-term value for the Company and we thank them for their continued trust and patience in us in overcoming the many obstacles during the tumultuous period of the Company’s history.”
On appointment of new Auditor
Regarding the appointment of a new Auditor, Madam Hao Dongting(郝东亭) said, “Through the effective stewardship of the new Board, an auditor has now been appointed, filling the 2-year void without an auditor. This is a significant but necessary step forward in getting the Company back on the path of accountability, restoration and fulfilling all its statutory responsibilities to shareholders."
On Change of Name
The Board views the change of Company name from “Kitchen Culture Holdings Limited” to “SDAI Holdings Limited” as important. It will reflect the Company’s new strategic direction and business activities going forward, enabling the Company to create a new brand identity and develop a new positioning in the market. Investors, business partners and the general public will better identify and respond positively to the Company under its new name.
The Company has lodged the requisite statutory returns with ACRA to effect the Change of Name of the Company from “Kitchen Culture Holdings Limited” to “SDAI Limited”. Per SGXNEt, “Kitchen Culture” name changed to “SDAI” has been effected from 9.00 a.m. on 22 November 2023. The trading code of “5TI” remains unchanged.
Change of Continuing Sponsor to ZICO Capital Pte. Ltd.
With effect from 1 November 2023, the Company has appointed ZICO Capital Pte. Ltd. as its new continuing sponsor in place of the previous continuing sponsor, SAC Capital Private Limited. The change of continuing sponsor is due to commercial reasons.
Going Forward
The Company has also been working hard to accelerate the process of completing the Independent Special Audit being conducted by Deloitte & Touche Financial Advisory Services Pte. Ltd. by the end of the year, in compliance with statutory requirements, and is another key factor in the resumption of trading of the Company’s shares.
Background
Kitchen Culture was listed on the SGX-Catalist on 22 July 2011. The Company previously specialised in the sale and distribution of a wide range of premium imported kitchen systems, appliances, wardrobes systems, household furnishings and accessories from Europe and USA. The company worked closely with developers to market "higher end" residential projects. building credit. Since 12 July 2021, the Company’s shares have been suspended due to a variety of issues including non-compliance and systemic internal failures.
Other References:
17 November 2023: Media Release Kitchen Culture: Update On Progress Towards Resumption of Trading of the Company’s Shares
16 August 2023: Cleaning Up a Kitchen in Disarray https://www.investor-one.com/editorial/23557-Cleaning-Up-a-Kitchen-in-Disarray
18 October 2022: Kitchen Culture: Explaining the Value of OOWAY Technology’s Digital Integrated Cross-Border Trading Platform https://www.investor-one.com/editorial/22037-Kitchen-Culture-Explaining-the-Value-of-OOWAY-Technologys-Digital-Integrated--Cross-Border-Trading-Platform
13 October 2022: Kitchen Culture: The Phoenix Rising from the Ashes - OOWAY’s Plan https://www.investor-one.com/editorial/22015-Kitchen-Culture-The-Phoenix-Rising-from-the-Ashes---OOWAYs-Plan
5 May 2022: Exclusive interview with OOWAY Group – Single largest shareholder for Kitchen Culture Holdings Limited https://www.investor-one.com/editorial/20653-Exclusive-interview-with-OOWAY-Group--Single-largest-shareholder-for-Kitchen-Culture-Holdings-Limited
For original article, please visit: Beginning a New Chapter- Kitchen Culture Holdings now known as SDAI Limited- Investor-One