Monday, September 19, 2011

Kobay exits Singapore dessert venture for S$1

KUALA LUMPUR: KOBAY TECHNOLOGY [] BHD [] has exited its loss-making food and beverage venture in Singapore and disposed its entire 50% stake, or one S$1 share, for cash consideration of S$1.

Kobay said on Monday, Sept 19 it had sold its stake in L Dessert (S) Pte Ltd to the director, Ng Jan Wei, who was keen to set up the chain dessert business operations in Singapore.

'The accumulated loss and net tangible assets of L Dessert based on its latest management accounts as at July 31, 2011 was S$2.29 million (approximately RM5.61 million) and negative S$2.288 million (approximately RM5.605 million) respectively,' it said.

L Dessert was incorporated in Singapore on Jan 18, 2011 and its paid-up was S$2, comprising of two ordinary shares of S$1 each.

Kobay had intended to venture into chain outlets providing dessert, food and beverages through LD Global Sdn Bhd for the Malaysia market and L Dessert for Singapore market.

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