Kitchen Culture changes name to SDAI
SINGAPORE – Kitchen Culture Holdings has changed its company name to SDAI after it lodged a notice of resolution with the Accounting and Corporate Regulatory Authority.
Effective Wednesday, the kitchen solutions company has also adopted the counter name SDAI. Its trading ticker “5TI” remains the same.
The name change was one of two resolutions approved at the company’s extraordinary general meeting (EGM) held last Friday, where shareholders also voted in favour of appointing Foo Kon Tan as the company’s statutory auditor.
It said the name change will reflect the company’s strategic direction and business activities going forward,” in the Nov 17 statement on its EGM results.
“This will enable the company to create a new corporate identity for itself and develop a new positioning in the market, allowing the public and the company’s business partners to better identify with the company under this new name moving forward.”
Under its new counter name, trading in the shares of SDAI remains suspended.
The suspension has been in place since July 2021 due to a variety of issues, including non-compliance and systemic internal failures.
SDAI’s executive chairman Hao Dongting said the company’s latest EGM marked a “vital milestone” towards its board’s ultimate goal of obtaining Singapore Exchange approval for the resumption of trading of the company’s shares.
“With the new management in place, we are actively working to chart a new path for the company by pursuing various strategies going forward, including a new name for the company as a testament and reflection of the positive developments being undertaken in our new growth trajectory,” Ms Hao.
The company said it has also been “working hard to accelerate the process” of completing its independent special audit – conducted by Deloitte & Touche Financial Advisory Services – by the end of the year to comply with statutory requirements.
It highlighted this as another key factor for SDAI’s shares to resume trading. THE BUSINESS TIMES