In addition, Sing Zhong Brand Management has entered into a Letter of Intent with
With Action Culture's strong experience and knowledge of the culture and food consumption patterns in both
All 20 F&B brands developed will be owned and registered as the intellectual properties of Sing Zhong Brands Management.
Furthermore, by leveraging on Action Culture's understanding of both countries' market cultures and its expertise and experience in social media, marketing and content creation, there is good potential for the F&B brands to gain popularity and recognition.
In addition, the Group believes that in executing its plans pursuant to the Letter of Intent, it would be able to contribute towards assisting individuals in realising their aspirations to become entrepreneurs by way of franchise while creating job opportunities in the community.
Under the Letter of Intent, the fees payable to Action Culture will be via the issuance of new shares in the Company based on certain performance targets agreed upon. A definitive agreement will be entered into by the parties after all the other terms for the transaction with Action Culture have been finalised.
Mr.
By leveraging on Action Culture's strengths, there are strong opportunities to drive new growth, while diversifying our revenue base and generating new cashflows.
With aligned interests via a performance-based structure for this business collaboration, we look forward to accelerate our business plans to create new and highly compelling value propositions in
The incorporation of the new subsidiary and the Letter of Intent are not expected to have any material financial impact on the consolidated earnings per share and consolidated net tangible assets per share of the Company and its subsidiaries for the current financial year ending
About
(
With an aim to diversify its business model and create additional streams of income,
To harness its growth opportunities,
This press release has been prepared by
have been reviewed by the Company's sponsor,
("SGX-ST") Listing Manual Section B: Rules of Catalist.
This press release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this press release, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this press release.
The contact person for the Sponsor is Mr
Note: This press release is to be read in conjunction with the SGX announcement released on the same date.
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