Asian Story Corporation (ASC)

Kimly denies ex-Pokka CEO Alain Ong is mastermind behind IPO, Asian Story acquisition

SINGAPORE (Sept 3): Coffeeshop operator Kimly said former director Alain Ong Eng Sing was not the mastermind behind its listing and its acquisition of Asian Story Corporation (ASC).

On the contrary, Kimly’s executive director Vincent Chia Cher Khiang was the key person who dealt with the issue manager/sponsor during the IPO due diligence process. In addition, it was the owner of Wang Jia Ye of ASC who conveyed to Kimly his intention to sell ASC back in 4Q17.

Kimly drawn into scandal involving former Pokka CEO Alain Ong

SINGAPORE (Aug 29): Less than a year after executive chairman Lim Hee Liat and executive director Chia Cher Khiang were hauled up to assist in investigations by the authorities, coffeeshop operator Kimly is back in the spotlight for the wrong reasons.

Kimly’s former director, Alain Ong Eng Sing, is facing a lawsuit by Japanese-owned beverage giant Pokka for conspiring with others to divert business to another beverage company, Asian Story Corporation (ASC).

Pokka alleges that Ong had breached his duties as a director and employee.

Kimly seeking AGM re-election of executive chairman under probe

SINGAPORE (Jan 14): Kimly, the coffeeshop operator, is seeking the re-election of its executive chairman Lim Hee Liat (main image) who is under investigation, at an annual general meeting (AGM) to be held on Jan 30.

See: Kimly chairman and director under probe; $16 mil acquisition cancelled

Kimly says daily operations not affected by arrests of chairman, executive director

SINGAPORE (Dec 18): Coffeeshop chain Kimly says Tuesday that the group’s daily operation have not been affected by “recent events” involving executive chairman Lim Hee Liat and executive director Chia Cher Khiang.

The two men were arrested by the Commercial Affairs Department on Dec 4 and are being investigated for a suspected offence under Section 199 of the Securities and Futures Act.

Authorities so far have not filed any formal charges against them.

Kimly chairman Lim and executive director Chia arrested, out on bail

SINGAPORE (Dec 5): Coffeeshop chain Kimly’s executive chairman Lim Hee Liat (right) and executive director Chia Cher Khiang (left) were arrested by the Commercial Affairs Department on Dec 4, but are now out on bail.

The two men are being investigated for a suspected offence under Section 199 of the Securities and Futures Act.

Kimly chairman and director under probe; $16 mil acquisition cancelled

Kimly chairman and director under probe; $16 mil acquisition cancelled

SINGAPORE (Nov 29): Coffeeshop chain operator Kimly said its executive chairman Lim Hee Liat (right) and executive director Chia Cher Khiang (left) are under investigation by the Monetary Authority of Singapore and the Commercial Affairs Department.

They are suspected to have flouted the Securities and Future Act.

See: Kimly shares suspended on regulators' probe

Kimly shares suspended on regulators' probe

SINGAPORE (Nov 27): Catalist-listed coffeeshop operator Kimly has asked for the trading of its shares to be suspended. The company said regulators have asked for certain documents and information it did not specify.

The suspension is also because of Kimly’s intention to update shareholders for an acquisition it did not specify, and also for its earnings for the full year ended Sept 30 2018 that has yet to be reported.

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