New York News
SINGAPORE, Oct 12, 2022 – (ACN Newswire) – OOWAY Group Ltd, the single largest shareholder, together with 7 other shareholders of Kitchen Culture Holdings Ltd. has on 30 September 2022 informed the Company’s Board of the intention to convene an extraordinary general meeting of the Company (EGM) pursuant to Section 177 of the Companies Act.
The upcoming EGM seeks to remove 5 of the current Kitchen Culture’s Board of Directors and appoint 5 new members to the Board. Reference SGXNET 30 Sep 2022: https://tinyurl.com/mr5pxncr
Reasons for Calling for EGM
OOWAY Group emphasises that without a change in the current Kitchen Culture board, the value of Kitchen Culture’s 27.65% stake in OOWAY Technology Pte Ltd (which is its most valuable asset) would be unrealised and ultimately wasted.
OOWAY Group reiterates that the implementation of a long-term and viable business plan for OOWAY Technology is the only path available now for the resumption of trading in Kitchen Culture shares, and ultimately a share price that would reflect its fundamentals.
Mr Liu Yanlong, representative for OOWAY Group, said, “With OOWAY Group’s existing and new business capabilities in Big Data Analytics and Artificial Intelligence, we were excited at the prospect of working closely with Kitchen Culture in line with their diversification strategy and OOWAY Group’s expansion in the ASEAN region.
However, we have witnessed the gradual erosion of the Company’s core values and business prospects and have reluctantly taken this step, in order to protect our interests and the interests of other minority shareholders. The current suspension of Kitchen Culture shares, is a definite concern of all shareholders of the Company.
We believe that replacing the current board with the proposed new Directors, who bring with them the necessary experience, expertise and energy to help reverse Kitchen Culture’s present trajectory, is the only way forward.”
Mr Liu, added: “The indisputable fact is this: OOWAY Technology is Kitchen Culture’s most valuable asset. Si