Singapore, 13 August 2020 – Kitchen Culture Holdings Ltd. (“Kitchen Culture” or the “Company”, and together with its subsidiaries, the “Group”), one of the leading premier kitchen solutions providers in Asia, is pleased to announce that the Company has entered into a sale and purchase agreement (the “SPA”) and a shareholders’ agreement (the “SHA”) with OOWAY Group Ltd. (the “Vendor”) to acquire 30% equity stake in OOWAY Technology Pte. Ltd. (the “Target”) at a purchase consideration of S$23.92 million (the “Purchase Consideration”).
Mr Lim Wee Li, Executive Chairman and Chief Executive Officer of Kitchen Culture, commented, “This acquisition is in line with the Group’s diversification strategy. We believe that this acquisition will allow the Group to explore new areas of opportunities and alternate businesses, including the areas of artificial intelligence, machine learning and data science, whilst offering an opportunity for the Group to leverage on the networks and capabilities of the Target and the OOWAY Group. We have high hopes that this investment would deliver great value to our shareholders.”
Led by a team comprising AI talents and data scientists from the UK, Southeast Asia and China, the OOWAY Group is principally engaged in the establishment of the Credit 3.0 platform in China named Behaviour Model of Association Risk System (“bMARS®”), which utilises machine learning and artificial intelligence to quantify corporate behaviour into credit value. Via bMARS®, the OOWAY Group provides credit rating services and credit management services for importers and exporters in China, Singapore, Thailand, Vietnam, Malaysia, Myanmar, Philippines, Brunei, Cambodia, Indonesia, and Laos.