Mainboard-listed Kitchen Culture Holdings has axed its memorandum of understanding (MOU) with an “unrelated third party” to create a joint venture (JV) firm meant to venture into property, The Business Times reported.
The plan was to engage in an en bloc sale and luxury residential redevelopment that involves acquiring en bloc properties for around S$92.2 million.
In September, the high-end kitchen supplier said it was looking to diversify its business operations to include property development, investment and trading.
This has since been scrapped with the company stating it “does not intend to proceed with the proposed diversification at this juncture”, but did not give specific reasons.
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