Kimly (SGX: 1D0) has entered into a joint venture with 206 Holdings to manage a Housing and Development Board coffee shop lease at Block 206 Toa Payoh North in Singapore, according to a Monday filing on the Singapore Exchange.
Kimly's wholly owned subsidiary, Kimly Makan Place, will hold a 49% stake in the joint venture company, 206 Management Food Court, with 206 Holdings owning the remaining 51%. Kimly's investment includes S$49,000 in share capital and a S$735,000 lease assignment fee, bringing its total commitment to S$784,000.
The venture aligns with Kimly's strategy to expand its food retail network and secure rental revenue streams.
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