GenTwo partners with Apex Group’s EDB for global banking and paying agency solutions

Luxembourg and Zurich, Nov 11, 2022 – (ACN Newswire) – European Depositary Bank ("EDB"), the Luxembourg- based provider of banking, paying agency, depositary and custody solutions, and innovative securitization specialist GenTwo, announce their partnership to provide GenTwo with paying agent and banking services for third party investors globally.

Zurich-based GenTwo creates securitization platforms for asset managers, banks, family offices and venture capital investors, enabling professional investors to easily invest in bankable and previously non-bankable assets. Institutional investors can use GenTwo's securitization solution to realize their own product and business innovations, to make any type of assets investable and to help shape new, sustainable markets.

GenTwo's partnership with Apex Group's EDB, expands GenTwo's offering with the provision of XS ISINs, marking another unique offering from GenTwo's securitization platform business and an important step on the way towards global reach.

This partnership will provide GenTwo's clients with bank accounts and paying agency services for notes issued via international clearing systems Clearstream SA and Euroclear. These services will be delivered by EDB, which offers traditional and digital banking services, as well as paying agency, registrar and transfer agency services to institutional investors and asset managers worldwide.

As part of global financial services provider Apex Group, EDB is one of the largest independent providers of depositary services in Europe for regulated UCITS and alternative funds, withover $160bn of Assets under Depositary (as of September 30, 2022). This latest news follows the recent appointment of David Claus as CEO of EDB (bit.ly/3hp25qA), and the roll out of Digital Banking (bit.ly/3hp25qA) services for institutional clients.

Philippe A. Naegeli, CEO and Co-Founder at GenTwo comments: "The partnership with Apex Group's EDB serves as important next step and catalyst to excel our successful service offering 'making all assets bankable' on a global scale, expanding our Ecosystem and the investment universe of our clients."

Cornelia Wallner, Global Head of Capital Markets Sales at Apex Group adds: "Free from institutional influences, EDB's agile and responsive banking capabilities help to set Apex Group apart, offering clients a large variety of solutions, available globally and underpinned by leading technology platforms and knowledgeable local teams. GenTwo continues to innovate, providing investors with access to new asset types and pioneering transformation in the market for alternative and digital investment products. We lookforward to supporting GenTwo's domestic and international clients with our banking and paying agency services as they continue to grow their global footprint."

About GenTwo

Zurich-based innovative securitization specialist GenTwo has invented a new generation of financial products. The company creates securitization platforms for asset managers, banks, family offices and venture capital investors, enabling professional investors to easily invest in bankable and previously non-bankable assets. The focus on off-balance sheet investment products solves the problem of declining margins and growth barriers for many financial market participants. New performance potential emerges through granting access to a theoretically unlimited world of asset classes. Institutional investors can use GenTwo's securitization solution to realize their own product and business innovations, to make any type of assets investable and to help shape new, sustainable markets via Swiss ISIN and XS ISIN. Private investors in Switzerland can as well benefit from these innovative products via their financial intermediaries.
www.gentwo.com

Press Contact GenTwo:
Simone C. Drill, CMO
media@gentwo.com I +41 79 207 33 49

About European Depositary Bank

European Depositary Bank ("EDB") was founded in 1973 in Luxembourg. It was originally established as a subsidiary of Hamburg based private bank M.M.Warburg & CO (AG & CO) KGaA and was acquired by Apex Group Ltd ("Apex") in 2019. EDB is supported by Apex's strong global network of over 50 offices worldwide in addition to its extensive European presence with circa 2,000 employees across the region and is one of the largest providers of depositary services in Europe for regulated UCITS and alternative funds with over $160.6bn Assets under Depositary (as of September 30, 2022). www.europeandepositarybank.com

Press contact Apex Group:
Antonia Powell, Head of Media Relations
Antonia.powell@apexfs.com | +44 (0)77 8990 2279

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Kitchen Culture Seeking Legal Advice on Validity of New Purported Notice to Remove 5 Directors; Urges Shareholders Not to Accept Notices or Proxy Forms Unquestioningly

SINGAPORE, Nov 3, 2022 – (ACN Newswire) – Kitchen Culture Holdings Ltd. ("Kitchen Culture" or the "Company") said today it will seek fresh legal advice on the validity of a letter from a law firm and fresh notice received by a group of 8 shareholders ("requisitioners") seeking to remove 5 of 6 directors via an Extraordinary General Meeting ("Second Intended EGM") proposed for 25 November 2022.

The directors of SGX Catalist-listed provider of solutions and products for kitchens and wardrobes received the new notice ("Second Concatenation Purported Notice") as well as a lawyer's letter yesterday. The requisitioners also published an advertisement for the Second Concatenation Purported Notice in The Business Times today.

OOWAY Group Ltd. ("OOWAY") – the Company's largest shareholder – and 7 individuals who own an aggregate of 21.71% of the Company's shares had issued Purported Notices under Section 177 of the Companies Act 1967 – on 30 September 2022 and 14 October 2022 – to remove the 5 directors. Kitchen Culture responded that the Purported Notices were defective and that any resolution passed on 1 November 2022 would be invalid.

Kitchen Culture's Board, with the exception of Madam Hao Dongting, has said that there are no grounds to justify the resignations of the 5 directors – Mr Lim Wee Li (Executive Director), Mr Lau Kay Heng (Non-Executive Director and Vice-Chairman), and 3 Independent Directors, Mr Ang Lian Kiat, Mr William Teo Choon Kow and Mr Peter Lim King Soon.

Mr Lau Kay Heng and Mr Peter Lim King Soon were named as new directors to on 15 July 2022, the same day that Mr Lincoln Teo, an OOWAY representative and former Interim CEO of Kitchen Culture, ceased to be Executive Director. The Company stressed that OOWAY had in fact supported the re-appointments of Mr William Teo Choon Kow and Mr Ang Lian Kiat at the Annual General Meeting held on 18 March 2022.

Addressing the letter and notices received yesterday from a law firm, which did not confirm for whom they were acting, Kitchen Culture said:

– The undated Second Concatenation Purported Notice contained resolutions for the proposed for Second Intended EGM scheduled for 25 November 2022 that were substantially similar to those proposed for the 1 November 2022 EGM that was 'postponed'. Yet it made no mention nor explained the so-called 'postponement' advertised by requisitioners on 29 October 2022 in The Business Times despite having issued a press release on 24 October 2022 urging shareholders to attend;

– As the above documents gave notice of the "Second Intended EGM" "to be convened and held only be electronic means" on 25 November 2022, it remains unclear if requisitioners have detracted from the "postponed" 1 November 2022 EGM which they had earlier urged shareholders to attend;

– The letter received from the law firm failed to explain how 2 earlier notices filed by requisitioners ahead of the earlier EGM (1 November 2022) can be "reissued" as a "composite" in the form of the Second Concatenation Purported Notice to call for the Second Intended EGM; and

– The requisitioners did not confirm whether the requisitioners regard the Second Intended EGM to be in anyway connected with the 1 November 2022 EGM that was called off.

The Company will seek to communicate with the requisitioners to minimise, if not to clear up, the confusion among shareholders which might have been caused by the requisitioners' actions or by the documents or omissions contained in the documents received yesterday.

Kitchen Culture urged shareholders in the meantime "NOT to accept unquestioningly the Second Concatenation Purported Notice of EGM or its related Proxy Form, or the validity the Second Intended EGM. Instead, they should await further announcements of the Company to give updates on this subject."

Kitchen Culture shares have been suspended from trading since July 2021. Its Board has seen several changes since the involvement of OOWAY in October 2020.

Issued by:
Kitchen Culture Holdings Ltd.
9 Raffles Place, #52-02, Republic Plaza
Singapore 048619
Tel: +65 6471 6776, Fax: +65 6472 6776

Media & Investor Contact
Whatsapp (Text): +65 9748 0688
kitchenculture@wer1.net

This press release has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Ms. Lee Khai Yinn (Tel +65 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Kitchen Culture Holdings Ltd. [SGX: 5TI] [BBG: KCH:SP] [RIC: KCHL.SI] https://kcholdings.com.sg

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Kitchen Culture’s Extraordinary General Meeting (EGM) to be held on 25th November 2022, 9am

SINGAPORE, Nov 3, 2022 – (ACN Newswire) – Relevant Shareholders[1] of Kitchen Culture Holdings Ltd. today announced that the new Extraordinary General Meeting of the Company (EGM) will be convened on 25th November 2022 at 9am. The Live EGM Webcast and the Live EGM Audio Feed has been arranged in place of a physical EGM.

The Relevant Shareholders have informed the Company's Board on 2nd November 2022 in a letter of the same date of their intention to convene an EGM pursuant to Section 177 of the Companies Act[2]. The full notice of the EGM has been published on The Business Times on 3rd November 2022. The EGM seeks to remove 5 of Kitchen Culture's current Board of Directors and to appoint 5 new members to the Board. (See Annex A for details)

Shareholders who have pre-registered will be able to watch or listen to the EGM proceedings through the Live EGM Webcast or the Live EGM Audio Feed via mobile phone, tablet, computer or any such electronic device.

Details of the steps for pre-registration for the Live EGM Webcast or Live EGM Audio Feed, submission of substantial and relevant comments, queries and/or questions in advance of the EGM or through real-time electronic communication during the EGM, and voting live at the EGM by members themselves via real-time remote electronic voting or voting by appointing of a proxy(ies) or the Chairman of the EGM as proxy are set out in the Notice of EGM which has been published on The Business Times on 3rd November 2022.

All Shareholders including those who have bought shares using SRS monies must pre-register online at https://registration.ryt-poll.com/home/index/kchl-egm by 9.00 a.m. on Tuesday, 22nd November 2022 (being not less than 72 hours before the time appointed for holding the EGM) to enable verification of their status.

Following the verification and upon the closure of pre-registration, authenticated shareholders will receive email instructions to access the Live EGM Webcast and the Live EGM Audio Feed of the EGM proceedings by 9.00 a.m. on 24 November 2022 (being 24 hours before the time appointed for the holding of the EGM). The email instructions will contain the user ID, password details, and URL link to access the Live EGM Webcast and the Live EGM Audio Feed.

Reasons for changing to a new EGM date

The Relevant Shareholders of Kitchen Culture wish to highlight that the Company had previously refused to publish a Notice of EGM on SGXNet and on the Company's website, contrary to Catalist Rule 704(14) of the SGX Listing Manual ("Rule"). Under the Rule, the Company is required to immediately announce the details of any general meeting, such as publishing a copy of the Notice of the EGM on SGXNet and the Company's website regardless of any advice sought or action to be taken.

The failure to do so is a breach of the Rule and unfairly disenfranchises shareholders who wish to attend and exercise their vote at a general meeting.

The Relevant Shareholders[3] said,

By requisitioning for a new EGM date, we want to ensure that this time round, all shareholders of Kitchen Culture are given the opportunity to attend and vote at the EGM on 25th November 2022 (9:00am). Alternatively, those who are unable to attend the EGM can vote by proxy by 23rd November 2022 (9:00am).

As shareholders, they should have the right to decide who they wish to appoint to act in their interests as the directors of the Company.

We would like to thank all shareholders of Kitchen Culture who have supported our efforts thus far in the proposed appointment of our new board of directors, whom if elected, will make a significant difference in providing strong leadership and strategic direction to take the Company forward."

"We also wish to inform all shareholders that the requisitioning of the previous EGM, was in compliance with all relevant statutes/rules, but we decided to take the difficult (but correct) decision to postpone the EGM date to ensure that all shareholders can make informed decision and vote accordingly."

We have sought legal advice to review Article 71 of the Company's Articles of Association and was advised to reschedule the EGM, giving 21 days' notice to pre-empt any possible dispute on the length of the notice period."

[1] "Relevant Shareholders" refer to OOWAY Group Ltd., Koh Cher Chow, Lin Xiao Long, Ling Chui Chui, Koh Ngin Joo, Lim Cheng Huat, Chew Yu Sheng and Soh Koon Eng who together hold more than 10% of Kitchen Culture's issued share capital.
[2] Section 177 Notice constituting a special notice under Section 152(2) read with Section 185 of the Companies Act 1967 of Singapore (the "Companies Act") of the intention of the Relevant Shareholders to convene an extraordinary general meeting of the Company (the "EGM") pursuant to Section 177 of the Companies Act.
[3] See Annex B

Issued by Relevant Shareholders of Kitchen Culture Ltd.

Media and Investors Contact:
Email: query@oowayasia.com

Annex A: Extract of Agenda for EGM:

At the upcoming EGM, the 2 main agenda items among others to be raised are:
1. Removal of the following 5 Directors on the existing Board:
a. Mr. Lau Kay Heng
b. Mr. Lim Wee Li
c. Mr. William Teo Choon Kow
d. Mr. Ang Lian Kiat and
e. Mr. Peter Lim King Soon

2. Appointment of the following individuals to the Board:
a. Mr James Beeland Rogers, Jr. to be appointed as a Non-Executive Director of the Company;
b. Mr Yip Kean Mun to be appointed as an Executive Director of the Company;
c. Mr Lam Kwong Fai to be appointed as an Independent Director of the Company;
d. Mr Tan Meng Shern to be appointed as an Independent Director of the Company; and
e. Mr Cheung Wai Man to be appointed as an Independent Director of the Company.

This Notice of EGM has been advertised on 3rd November 2022, one English Language daily newspaper circulating in Singapore, namely The Business Times, pursuant to Article 71 of the Company's Constitution.

Printed copies of this Notice of EGM and Proxy Form will NOT be sent to members. Instead, these documents ought to be made available by the Company to shareholders solely by electronic means via publication on the Company's website and on the SGXNet.

Copies of the redacted curriculum vitae, Form 45 (Consent to Act as Director), confirmations of independence (where applicable) and Catalist Rules undertakings of these new directors proposed to be appointed to the board will be made accessible at these links:

Link 1: https://drive.google.com/drive/u/0/mobile/folders/1iEag3gqRV_OAMPuErTOrWmTsji4KRyvp?usp=sharing
Link 2: https://tinyurl.com/5bkvtepr

Annex B: Notice to Company

The Relevant Shareholders have also informed the Kitchen Culture Board that prior to the conclusion of the EGM, the Company, including the current Directors of the Company, should not:

1. Take any action to effect any casual appointment of Director(s) or action that will affect the number of existing issued shares of the Company or carry out any corporate action that is dilutive in nature to the minority shareholders of the Company;
2. Carry out any transaction that would result in the divestment or acquisition of any business interest or asset for or on behalf of the Company;
3. Enter into any transaction committing or exposing the Company to any potential liability of a significant nature.

Kitchen Culture Holdings Ltd. [SGX: 5TI] [BBG: KCH:SP] [RIC: KCHL.SI] https://kcholdings.com.sg

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Hong Kong SAR Chief Executive shares his vision for Hong Kong with UK business community at virtual dialogue

HONG KONG, Nov 2, 2022 – (ACN Newswire) – To strengthen the longstanding economic and trade relationship between Hong Kong and the United Kingdom (UK), a virtual dialogue with the Chief Executive of the Hong Kong Special Administrative Region (HKSAR), Mr John Lee, was held to engage with the business community in the UK on 2 November, hosted by the Hong Kong Trade Development Council (HKTDC).

Margaret Fong, HKTDC Executive Director; Dr Peter KN Lam, HKTDC Chairman; John Lee, Chief Executive of the Hong Kong Special Administrative Region and Peter Burnett, Immediate Past Chairman of the British Chamber of Commerce in Hong Kong [L-R]

Moderated by the British Chamber of Commerce in Hong Kong Immediate Past Chairman, Mr Peter Burnett, the dialogue served as a unique opportunity for UK businesses to interact with the HKSAR Chief Executive and hear first-hand updates on the latest policy initiatives to strengthen Hong Kong and new opportunities for the international business community, just weeks after the Chief Executive delivered his first Policy Address.

In his opening address, Mr. Lee underlined Hong Kong's established strengths and arising opportunities, and what the city can offer to help UK and international businesses take off or expand in Asia. He highlighted the longstanding and enduring business ties between Hong Kong and the UK, "thanks not just to our friendship, but also, very importantly, to our common law legal system, the rule of law and our independent judicial power. Thanks also to our strong support and beliefs for free trade and our strong footholds in professional services".

The Chief Executive remarked that the UK is Hong Kong's top trading partner in Europe, while Hong Kong is the UK's second-largest trading partner in Asia. Merchandise trade between the two places in 2021 totalled US$ 17.7 billion, up more than 25% year-on-year.

He added that in 2021, more than GBP7 billion merchandise trade between the UK and Mainland China was routed through Hong Kong. "That speaks, loud and clear, of Hong Kong's unique status as the business gateway connecting China with the rest of the world. This enviable role is guaranteed through one country, two systems," he said.

While COVID-19 has impacted growth in Hong Kong, Mr Lee stated "it is the economy amidst challenges posed by the pandemic we are planning for now". He emphasised Hong Kong's long-term growth in the national strategies, which include the Belt and Road Initiative, Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and 14th Five-Year Plan. He mentioned HKTDC's ongoing work to set up GoGBA Business Support Centres covering all nine GBA cities in Mainland China to offer business information in both English and Chinese available to all.

In his opening remarks, HKTDC Chairman Dr Peter Lam said: "One huge opportunity is the vast Mainland China market, with a focus on the southern part of the country, known as the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). It boasts a market of 86 million with a GDP of US$ 1.74 trillion, comparable to that of South Korea and Canada. ASEAN has been a key focus for many international companies. It offers even greater prospects, as new trade cooperation agreements, such as the Regional Comprehensive Economic Partnership (RCEP), come into operation. To capitalise on the many opportunities, Hong Kong is your ideal springboard".

The Chief Executive also fielded questions from the UK business community, covering a range of topics, including easing of COVID-19 restrictions, Hong Kong's economic outlook, closer government-business cooperation, talent attraction and more. He underscored the importance of innovation and technology (I&T) to Hong Kong's future, the Northern Metropolis and plans to welcome at least 35,000 targeted professionals to Hong Kong each year.

The event attracted more than 600 business leaders, with the majority from the UK. This followed a trip to the UK by Dr Lam and Ms Margaret Fong, HKTDC Executive Director, in October to meet UK business leaders, as part of the HKTDC's initiative to promote business opportunities in Hong Kong to the global business community.

Photos Download: https://bit.ly/3h4GEe9

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn.

Media enquiries
Please contact the HKTDC's Communications and Public Affairs Department:
Sunny Ng, Tel: +852 2584 2357, Email: sunny.sl.ng@hktdc.org
Clementine Cheung, Tel: +852 2584 4514, Email: clementine.hm.cheung@hktdc.org

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Kitchen Culture Criticises Requisitioners for ‘Diametrically Changing’ Minds by Publishing Advertisement to Call off EGM to Remove 5 Directors; Company Affirms 1 November EGM Will Not Proceed

SINGAPORE, Oct 31, 2022 – (ACN Newswire) – Kitchen Culture Holdings Ltd. ("Kitchen Culture" or the "Company") said today that a group of 8 shareholders ("the requisitioners") seeking to remove 5 of 6 directors has caused confusion among shareholders and the public by publishing a newspaper advertisement calling off the Extraordinary General Meeting ("EGM") with 1 working day's notice before it was due to be held.

The Company said it was made aware of a relatively small advertisement published by the requisitioners in The Business Times on 29 October 2022 (Saturday) to 'postpone' the EGM – originally proposed for 9.00 am on 1 November 2022 (Tuesday) at Grand Copthorne Waterfront Hotel – even though the requisitioners had not communicated this to the Board of Directors ("the Board").

While the requisitioners had published a significantly larger advertisement in The Sunday Times – a different newspaper – on 16 October 2022 calling for the EGM and had issued a press release via ACN newswire 8 days later urging shareholders to attend, they now "… appear, suddenly and without giving any explanation, to have diametrically changed their minds with just 1 working day before 1 November 2022," Kitchen Culture said.

The Company said that some shareholders may not be aware of the latest advertisement by the requisitioners whose conduct has continued to cause confusion. Kitchen Culture has been receiving calls from shareholders expressing confusion and frustration as they had not received the Purported Notices and proxy forms in the days leading up to the EGM.

OOWAY Group Ltd. ("OOWAY") and 7 individuals who own an aggregate of 21.71% of the Company's shares had issued Purported Notices issued under Section 177 of the Companies Act 1967 – on 30 September 2022 and 14 October 2022 – to remove the 5 directors.

Kitchen Culture has said that 2 law firms have advised that Purported Notices were defective and that any resolutions passed on 1 November 2022 would be invalid.

The Company reminded shareholders today that based on the requisitioners' advertisement on 29 October 2022, the intended EGM tomorrow will not be proceeding, and that they should not show up in person nor provide proxy forms.

Kitchen Culture also stressed that, as advised by its lawyers, it is incorrect for the requisitioners to state in the advertisement that they are "postponing" the intended EGM or to "announce" another date "in due course". The Company will write to the requisitioners for clarifications and confirmations on this and other relevant points, as appropriate.

Kitchen Culture's Board, with the exception of Madam Hao Dongting, has said that there are no grounds to justify the resignations of the 5 directors – Mr Lim Wee Li (Executive Director), Mr Lau Kay Heng (Non-Executive Director and Vice-Chairman), and 3 Independent Directors, Mr Ang Lian Kiat, Mr William Teo Choon Kow and Mr Peter Lim King Soon.

Mr Lau Kay Heng and Mr Peter Lim King Soon were named as new directors to the SGX Catalist-listed provider of solutions and products for kitchens and wardrobes on 15 July 2022, the same day that Mr Lincoln Teo, an OOWAY representative and former Interim CEO of Kitchen Culture, ceased to be Executive Director.

The Company stressed that OOWAY had in fact supported the re-appointments of Mr William Teo Choon Kow and Mr Ang Lian Kiat at the Annual General Meeting held on 18 March 2022.

Kitchen Culture shares have been suspended from trading since July 2021. Its Board has seen several changes since the involvement of OOWAY in October 2020.

Issued by:
Kitchen Culture Holdings Ltd.
9 Raffles Place, #52-02, Republic Plaza
Singapore 048619
Tel: +65 6471 6776, Fax: +65 6472 6776

Media & Investor Contact
Whatsapp (Text): +65 9748 0688
kitchenculture@wer1.net

This press release has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Ms. Lee Khai Yinn (Tel +65 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Kitchen Culture Holdings Ltd. [SGX: 5TI] [BBG: KCH:SP] [RIC: KCHL.SI] https://kcholdings.com.sg

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

SCGL and JWD announce merger to combine strength to leverage regional business expansion

BANGKOK, Oct 27, 2022 – (ACN Newswire) – SCG Logistics Management Company Limited ("SCGL") and JWD InfoLogistics PCL (SET: JWD), the two leading logistics and supply chain service providers at the ASEAN level together announced a crucial merger deal to form a partnership under SCG JWD Logistics PCL (SCGJWD) in a move to combine strength and increase the service level capability to become the largest Integrated Logistics and Supply Chains Solutions Provider in the ASEAN region with a wide variety of integrated services to cover all industrial groups to increase the opportunities for exponential growth derived from the customer bases of the two companies, while drawing up a strategy to expand the businesses in the ASEAN region.

Mr. Charvanin Bundikitsada, Chairman of the Executive Committee and Chief Executive Officer of JWD Pcl. (JWD), revealed that the Company has moved ahead to merge the Company with SCG Logistics Management Company Limited (SCGL), which is a subsidiary of Siam Cement PCL (SCC), following the Company's Board of Directors' Meeting on October 26, 2022 resolving to propose to the shareholders' meeting to consider and approve the merger between JWD and SCGL.

In this merger transaction, JWD will issue new ordinary shares to the amount of not more than 791,020,363 million shares and offer them as private placements (PP) to the existing shareholders of SCGL at the price of 24.02 baht per share as compensation for the transfer of all SCGL ordinary shares in a share swap. Following the completion of the share swap, SCGL's existing shareholders will hold shares in JWD in the proportion of not more than 43.7 percent of all JWD's voting shares after the transaction.

In this regard, JWD will convene the Extraordinary General Meeting of Shareholders No. 1/2022 on December 8, 2022 at 1:30 p.m. at Banthat Thong Meeting Room, 6th Floor, JWD Store it!, after setting the record date to finalize the list of bona fide shareholders on November 10, 2022, to consider and approve the merger plan and the capital reduction and the increase of the Company's registered capital to 905,510,153.00 baht from the original 509,999,971.50 baht through the issuance of new ordinary shares as previously stated. The merger transaction of SCGL and JWD is expected to be completed within Q1/2023.

Upon completion of the merger transaction, JWD will change its name to SCG JWD Logistics PCL with the SET-registered abbreviation of SJWD for share trading in the Stock Exchange of Thailand, The new Company will be managed jointly by Co-Chief Executive Officers (Co-CEOs) – Mr. Bunn Kasemsup, representing SCGL, and Mr. Charvanin Bunditkitsada, representing JWD. SCGJWD will proceed with the internal restructuring after the merger, when SCGJWD will accept the entire business transfers (EBT) of SCGL. This process is expected to be completed by the fourth quarter of 2023.

This merger combines the individual strengths of the two companies perfectly. These include JWD's expertise in specialized products such as temperature-controlled goods, hazardous goods and automotive, etc., while SCG is the expert in industrial products such as steel & construction materials, paper & packaging, and consumer products, etc. This synergy will help to increase the capability to provide logistics services from upstream to downstream along with a large variety of service models covering warehousing, supply chain and multimodal logistics, as well as the opportunity to create more synergy in the future. Moreover, the customer bases of both parties do not overlap significantly, thus growth from expanded customer base of both parties and the acquisition of a large customer base from within the SCG group will help to maintain growth and effectively reduce business volatility.

In terms of cost and management, the merger will immediately make SCGJWD the largest integrated logistics and supply chain service provider in ASEAN. This will result in the expansion of the businesses, the integration of key support departments, as well as the promotion of the application of shared resources for maximum benefit.

The business opportunities that the two parties have planned together can be summed up in three parts: (1) Increased revenue from cross-sale and up-sale from the existing customer bases of SCGL and JWD along with more cost savings; (2) The creation of added value to the existing services that both parties are experts in, such as cold storage, automotive warehousing, hazardous goods storage and multimodal transport, etc.; (3) Seamless connection of all service bases in the ASEAN region through the application of successful business models in Thailand to foster growth abroad; (4) Provide D2C (Direct to Consumer) services to meet the changing customer needs through private storage for rent, logistics for eCommerce businesses, and express logistics; and, (5) Continuously improve the scope of services in new businesses such as industrial real estate and software development services for logistics management.

"This merger deal is a large and important undertaking that we have carefully considered to be in the best interest of shareholders. This move will enable us to grow robustly and sustainably in the challenging and volatile market conditions. Both JWD and SCGL are two perfectly fitted jigsaw puzzle pieces, with each having a different customer base that can strengthen the other. With the strong potential of SCGJWD, we will be able to create boundless and sustainable growth, and will be able to deliver the solutions that are truly a One Stop Service."

Mr. Bunn Kasemsup, Managing Director of SCG Logistics Management Co., Ltd., said the merger with JWD is considered to be the combination of expertise of the two leading companies in logistics businesses to further increase the service capability and ramp up the growth of the businesses. SCGL has the expertise in providing logistics and supply chain services for the industrial groups and various consumer goods that have been garnered by providing logistics services for companies in the SCG Group and general customers, as well as the continuous investment in the development of innovation and technology. These include the control tower logistics and supply chain management control, telematics system to track the data on the delivery routes and to forward warnings to drivers, the automated storage and retrieval system (ASRS), and others. At the same time, SCGL also runs Taksapipat School that is tasked with safe driving training for truck drivers and forklift operators.

Moreover, SCGL has businesses in many countries as a result of the business expansion to support the business development of the SCG Group, namely in Vietnam, Indonesia, Cambodia, Lao PDR and the Philippines. The company is capable of providing cross-border logistics services from Thailand through Lao PDR and Vietnam to China, and barge transport to neighboring countries such as Cambodia and Myanmar. Also in the portfolio is the international sea-borne shipping service that can merge with that of JWD's to expand the scope of services to other countries in the ASEAN region.

SCGL has a plan to broaden the rail and air logistics services. Thus, upon the merger with JWD, we will be able to expand the network of multimodal transport services that will become much more comprehensive, to help optimize cost management and create added value for the business. This is important because the transportation of goods by ships and rail carries a lower cost than by road. The larger customer base will increase the opportunity in the hauling of both inbound and outbound cargo. In addition, more importance will be placed on sustainability, such as being "Green Logistics", with the focus being on better care for the environment and society through the reduction of energy consumption including the use of electric transport vehicles (EV) and utilizing energy from solar roofs atop the warehouses, etc.

On the cooperation in the expansion of businesses abroad, we consider Vietnam, Indonesia and the Philippines as countries with high potential due to their above-average economic growth over and above the regional median. Therefore, there exists a need for warehouses and logistics service providers to support the expansion of the industries, while increasing the investment on the construction of more warehouses in these countries to foster regional growth.

"Upon this merger, we will become the leader in logistics and supply chain services, with the strength in providing the most comprehensive Integrated Logistics and Supply Chain Solutions in the ASEAN region, along with innovations and modern technology to carry out business operations. Also important is that we possess a strong brand recognition in both SCGL for its professionalism, and JWD for its experience in specialized logistics services. All these factors will enable us to become the business leader in the region," Mr. Bunn concluded.

Released for JWD InfoLogistics PLC by MT Multimedia Co Ltd
Yuttachai Praikanahok (Tle), T: +66 (0)91 736 2866 or +66 (0)2 612 2081 ext. 125, E: Yuttachai.p@mtmultimedia.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HKTDC Chairman in the UK to promote new opportunities through Hong Kong

HONG KONG, Oct 27, 2022 – (ACN Newswire) – With many UK businesses looking for new areas of growth, Hong Kong's role as a global financial hub and innovation centre is seen as an ideal platform to help them expand, according to Dr Peter KN Lam, Chairman of the Hong Kong Trade Development Council (HKTDC) who is speaking from his UK visit as the Council's latest initiative to promote business opportunities around the globe.

HKTDC Chairman Dr Peter KN Lam (2nd L) and Executive Director Margaret Fong (far L) were earlier in London to promote Hong Kong's strength. The picture shows the meeting with Lord Stephen Green of Hurstpierpoint, Chairman, Asia House (2nd R)

As Hong Kong continues to welcome more international travellers in the coming months with major events and attractions, Dr Lam and Margaret Fong, Executive Director of HKTDC, have been travelling to some key international markets to update overseas businesses on how Hong Kong can help.

Following a visit to Japan in early October, they are currently in the UK to promote new prospects for UK companies and to discuss how they can use Hong Kong as a springboard. Earlier this week, they met with a range of institutions and chambers including Asia House, Hong Kong Association in the UK, the China-Britain Business Council, China Chamber of Commerce in the UK (CCCUK), techUK and UK Sustainable Investment and Finance Association (UKSIF) as well as leading players in finance and healthcare such as Prudential Plc and GlaxoSmithKline.

Dr Lam said, "Many businesses in the UK are ready to explore new areas of growth and see Hong Kong's role as a global financial hub being an ideal springboard for them to expand. In fact, Hong Kong as part of the [Guangdong-Hong Kong-Macao] Greater Bay Area (GBA) is more than just a trade and investment hub, we are also a centre for technology, innovation and the creative sectors."

Dr Lam described the discussion as fruitful and insightful. "I am greatly encouraged to see the keen interest from the UK business community in Hong Kong and the GBA. As Hong Kong relaxes its pandemic-related travel arrangements and UK businesses are drawing new blueprints for their future, we look forward to welcoming British delegations to see for themselves the tremendous prospects awaiting them."

Dr Lam said that many UK companies were reassured that the 'One Country, Two Systems' principle, along with the application of common law in Hong Kong, have been reaffirmed by President Xi Jinping in his speech this July when the city celebrated its 25th anniversary as a special administrative region.

To further strengthen Hong Kong's ties with the UK, the HKTDC will be holding a business webinar "Dialogue with the Chief Executive of the HKSAR" on 2 November 2022 featuring Hong Kong's Chief Executive John Lee in dialogue with Peter Burnett, immediate past Chairman of the British Chamber of Commerce in Hong Kong. (click here for more information https://info.hktdc.com/dm/CP2358693/index-hkt-gmt_en.html ).

"We cordially invite UK business partners looking for opportunities to join this exciting event to find out more," Dr Lam added.

Photo Download: https://bit.ly/3gGwMqY

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn.

Media enquiries
Please contact the HKTDC's Communications and Public Affairs Department:
Sunny Ng, Tel: +852 2584 4357, Email: sunny.sl.ng@hktdc.org
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Kitchen Culture’s Board, Acting on Legal Advice, Says 1 November EGM Called To Remove 5 Directors Is Invalid; Urges Shareholders Not to Attend

SINGAPORE, Oct 25, 2022 – (ACN Newswire) – Kitchen Culture Holdings Ltd. said today shareholders should not, and are advised not to, attend an Extraordinary General Meeting (EGM) called to remove 5 of 6 directors as the Purported Notices of the EGM attempted to be issued by 8 requisitioners, including its largest shareholder OOWAY Group Ltd., were defective and therefore invalid.

The Board of Directors of Kitchen Culture said that after consulting 2 law firms, it had been advised that the Purported Notices had not been properly served to shareholders in accordance with the Constitution of the Company and did not give shareholders the 21 days' notice required. As such, the Company should not announce the Purported Notices and the EGM should not and will not proceed at 9.00 am on 1 November 2022 at Grand Copthorne Waterfront Hotel as proposed by the requisitioners.

"Any resolutions passed during any EGM convened on the basis of the defective Purported Notices of EGM would be invalid," said the Board of the SGX Catalist-listed provider of solutions and products for kitchens and wardrobes.

As announced on 14 October 2022, the Board received letters, including the Purported Notices – issued under Section 177 of the Companies Act 1967, on 30 September 2022 and 14 October 2022 from the requisitioners who own an aggregate of 21.71% of the Company's shares. The Purported Notices sought to remove Mr Lim Wee Li (Executive Director) and 4 Independent Directors Mr Ang Lian Kiat, Mr William Teo Choon Kow, Mr Lau Kay Heng (also Vice-Chairman) and Mr Peter Lim King Soon.

The latter 2 were named as new directors on 15 July 2022 on the same day that Mr Lincoln Teo, an OOWAY representative and former Interim CEO of Kitchen Culture, ceased to be Executive Director. The Board, with the exception of Madam Hao Dongting, has said that there are no grounds to justify the resignations of the 5.

The requisitioners had placed a newspaper advertisement of the Purported Notice of EGM on 16 October 2022. Besides not having properly sent copies of the Purported Notices to the shareholders of Kitchen Culture, that advertisement gave only 15 days' notice, 6 short of the 21 days' notice in writing (exclusive of the day on which it is served and of the day on which the meeting is to be held) as required under Article 71 of the Company's Constitution, the Board said.

In any event, the advertisement of the Purported Notice of EGM is an additional and separate requirement and does not displace the need to properly serve notices of EGM in accordance with Article 160 of the Company's Constitution, the Board said.

The newspaper advertisement also failed to provide proxy forms. The Board said the requisitioners cannot demand the Company to publicise such a notice or the proxy forms. Also, they cannot require the Company to invoke the provisions in the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings For Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 as there is no obligation for the Company to publish, as an announcement, the Purported Notices (or the proxy form) as demanded by the requisitioners.

As Kitchen Culture is publicly listed, "any EGM convened on the basis of the defective Purported Notices of EGM is likely to be prejudicial to shareholders. The Board has a duty to consider the interests of all shareholders, and not to promote the interests of any particular one or section of shareholders, including the interests of the OOWAY Group and the other requisitioning shareholders, at the expense of the general body of shareholders," the Board said.

Shares of Kitchen Culture have been suspended from trading since July 2021. Its Board has seen several changes since the involvement of OOWAY in October 2020.

Issued by:
Kitchen Culture Holdings Ltd.
9 Raffles Place, #52-02, Republic Plaza
Singapore 048619
Tel: +65 6471 6776, Fax: +65 6472 6776

Media & Investor Contact
Whatsapp (Text): +65 9748 0688
kitchenculture@wer1.net

This press release has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Ms. Lee Khai Yinn (Tel +65 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Kitchen Culture Holdings Ltd. [SGX: 5TI] [BBG: KCH:SP] [RIC: KCHL.SI] https://kcholdings.com.sg

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Kitchen Culture’s Extraordinary General Meeting (EGM) on 1 November 2022 To Proceed as Planned

SINGAPORE, Oct 24, 2022 – (ACN Newswire) – Relevant shareholders[2] of Kitchen Culture Holdings Ltd. today announced that they wish to reiterate and clarify to all shareholders of the Company on the following:

1. EGM to proceed on 1 November 2022, 9am as planned;
2. Relevant Shareholders had on 14 October 2022, at about 5pm, informed Kitchen Culture of the requisition of EGM;
3. Notice of EGM on a major local English newspaper was published on the 16 October 2022 edition of the Sunday Times.
4. To date (as at 24 October 2022, 6pm), Kitchen Culture has failed to announce the Notice of EGM, requisitioned by shareholders under Section 177 of the Company Act 1967, which is a clear breach of Catalist Rule 704 of the SGX Listing Manual;
5. Relevant shareholders do not need to send the Notice of EGM and Proxy Form to all Kitchen Culture's shareholders by post, due to current exemptions[3] related to COVID-19. This exemption was also applied in the previous Annual General Meeting of the Company held in March 2022.

The Relevant shareholders said, "We encourage all shareholders of Kitchen Culture to vote at the EGM, either in person on 1 November 2022 (9am), or by proxy by 30 October 2022 (9am). Your votes matter and will determine the composition of the leadership and strategic direction of the company going forward."

The new Board of Directors if elected, is committed to ensure the completion of the Special Audit to clear Kitchen Culture's outstanding issues and to comply with the Notice of Compliance, paving the way for the resumption of trading in Kitchen Culture shares, which has been suspended since 12 July 2021.

For more information on Notice of EGM and CVs, please refer to the following URL: https://tinyurl.com/5bkvtepr

At the upcoming EGM, the 2 main agenda items among others to be raised are:

1. Removal of the following 5 Directors on the existing Board:
a. Mr. Lau Kay Heng
b. Mr. Lim Wee Li
c. Mr. William Teo Choon Kow
d. Mr. Ang Lian Kiat and
e. Mr. Peter Lim King Soon

2. Appointment of the following individuals to the Board:
a. Mr James Beeland Rogers, Jr. to be appointed as a Non-Executive Director of the Company;
b. Mr Yip Kean Mun to be appointed as an Executive Director of the Company;
c. Mr Lam Kwong Fai to be appointed as an Independent Director of the Company;
d. Mr Tan Meng Shern to be appointed as an Independent Director of the Company; and
e. Mr Cheung Wai Man to be appointed as an Independent Director of the Company.

[1] Section 177 Notice constituting a special notice under Section 152(2) read with Section 185 of the Companies Act 1967 of Singapore (the "Companies Act") of the intention of the Relevant Shareholders to convene an extraordinary general meeting of the Company (the "EGM") pursuant to Section 177 of the Companies Act.
[2] "Relevant Shareholders" refers to OOWAY Group Ltd., Koh Cher Chow, Lin Xiao Long, Ling Chui Chui, Koh Ngin Joo, Lim Cheng Huat, Chew Yu Sheng and Soh Koon Eng.
[3] Due to COVID-19 pandemic, pursuant to paragraph 5(1) read with the First Schedule of the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020, the Company may convene, hold, conduct, whether wholly or partly, the Annual General Meeting, by electronic means. This includes Provision for laying and production of documents at a general meeting of a listed company which can be via electronic means.

Issued by Relevant Shareholders of Kitchen Culture Ltd.

Media and Investors Contact:
Email: query@oowayasia.com

– EGM to be held on 1st November 2022, 9.00 am at Toucan Room Level 4, Grand Copthorne Waterfront Hotel, 392 Havelock Road, Singapore 169663.
– EGM is convened in accordance with and in compliance with Section 177[1] of Companies' Act 1967
– As required by legal procedure, Notice of EGM was published in the Straits Times (Sunday Times edition) on 16 October 2022

Kitchen Culture Holdings Ltd. [SGX: 5TI] [BBG: KCH:SP] [RIC: KCHL.SI] https://kcholdings.com.sg

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Southeast Asia-focused Vitamin Brand YOUVIT Raises US$ 6 Million in a Series B Funding Led by Unilever Ventures

SINGAPORE, Oct 22, 2022 – (ACN Newswire) – YOUVIT, a Southeast Asia-based new generation vitamin brand is proud to announce that it has raised US$ 6 million in a growth funding round. The amount raised will be utilized to fuel the expansion plans as YOUVIT aims to become the leading vitamin brand for urban millennials across the region. With Unilever Ventures as the lead investor of its latest Series B funding round, round, along with participation from existing investor DSG Consumer Partners and several other new investors, YOUVIT is well positioned to achieve its goals.

YOUVIT is on a mission to revolutionize the vitamin category by making quality vitamin products in innovative formats accessible to urban millennials. Their first line of vitamin gummies took the Indonesian market by storm, propelling YOUVIT to become the country's #1 gummy vitamin brand.

With the fresh funding, YOUVIT now plans to expand its product offering and launch new formats, while investing in team expansion. The company plans to double-down on its unique omnichannel distribution model with a presence in more than 20,000 modern retail stores and strong traction through online channels and its DTC platform at www.youvit.co.id. The expansion plan includes the launch of the full product range in Malaysia and ramping up across Southeast Asia.

"With its modern and innovative product formats and an omnichannel approach to distribution, YOUVIT is poised to disrupt the large vitamins and supplements market in Southeast Asia. We look forward to partnering with Wouter and Maarten as they build out the wellness category in this exciting market," said Pawan Chaturvedi, Partner at Unilever Ventures, adding that "YOUVIT also marks our first investment in the vibrant start-up ecosystem of Southeast Asia, a market which offers us immense opportunities to partner with visionary founders".

Preventative health and vitamins are top of mind across emerging markets. The ASEAN supplements market size is expected to touch US$ 10.6 billion by 2026, fueled by increasing health consciousness among the urban population. The pandemic accelerated a lifestyle change towards preventative health and millennials are often at the forefront of this shift. According to a report by Inventure Knowledge, 52% of Indonesians are consuming more vitamins since the pandemic. Furthermore, lockdowns and movement control measures have triggered a rapid shift towards online and direct-to-consumer (DTC) sales channels.

The vision behind YOUVIT is that the vitamin category is rusty and old-fashioned, while there is a large market for quality products that specifically target millennials from the emerging middle classes in growth markets such as Indonesia. "Customers deserve a better experience. We aim to improve the health and well-being of hundreds of millions of customers and as a result grow into the number one vitamin brand for urban millennials in Southeast Asia," says Wouter van der Kolk, Co-Founder and CEO at YOUVIT.

YOUVIT is uniquely positioned to leverage the changes happening in the market. After launching its first products in 2017, it quickly became the product of choice for millions of urban millennials, 70% of which are female. Headed by co-founders Wouter van der Kolk and Maarten Vrouenraets, YOUVIT has breathed new life into the supplement category with its innovative line of one-a-day gummy vitamins. The products are formulated with health-conscious millennials in mind and tailored to local tastes and needs such as Halal certification in Indonesia and Malaysia, vitamin dosages based on the local recommended intake values and local ingredients like curcuma. The gummy vitamins come packed with nutrients and minerals to boost immune function, brain development, energy, beauty and overall health of adults and children. It is tasty and healthy and loaded with natural fruit flavors giving it a new twist. From its interesting marketing to convenient packaging, YOUVIT offers a welcome alternative to more traditional, medicinal vitamin pill brands.

About YOUVIT

YOUVIT was started out of a passion for building consumer health ventures that serve consumers across emerging Asia. After observing the severe lack of affordable, high-quality supplements and the significant deficiencies in the average diet, the founders of YOUVIT spent 18 months working with the U.S.-based product experts and labs to formulate a deliciously tasting functional vitamin supplement in gummy format, specifically tailored towards the dietary requirements and habits of the Southeast Asian consumer. The brand launched its first vitamin products in 2017 under the YOUVIT brand. Its products are currently available at over 20,000 points of sale, through the brands official online stores on all major e-commerce platforms as well as its own DTC platform at www.youvit.co.id.

Since its inception, the company has been providing frontline workers, hospital staff and underprivileged people in society with vitamins to boost their immune system. An example of such a cooperation is its close teamwork with the Peduli Anak Foundation in Indonesia, which is committed to improving the lives of former street children. YOUVIT has donated tens of thousands of doses of YOUVIT vitamins in order to supports the Foundation's cause.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com