SINGAPORE (Dec 24): The past weeks have been rough for coffee shop chain operator Kimly, whose IPO on Catalist last year was among the most sought after. The group’s first major acquisition since its listing on Catalist has been rescinded.

Its executive chairman Lim Hee Liat and executive director Chia Cher Khiang are under investigation by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD), and have had their passports impounded. On Dec 18, the company released a six-page business update, a move one observer says is meant to reassure investors that the coffee shop business is still intact despite the upheavals.

Shares in Kimly have fallen 14% since the chain of events started — and have made little recovery after the business update, closing at 24 cents on Dec 20. The counter has shed more than 30% of its value this year.

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