Katrina Group Ltd. (“Katrina” or the “Group”), an established and recognised Food & Beverage (“F&B”) group specialising in multi-cuisine concepts and restaurant operations, has announced its acquisition of 100.0% of Tomo Izakaya Pte. Ltd. for approximately S$1.0 million.
Tomo is a company incorporated in Singapore on 23 May 2008. It is principally engaged in the F&B business and currently operates two restaurants serving Japanese cuisine in Singapore, one in Clarke Quay and another in Esplanade Mall.
The Purchase Price of approximately S$1.0 million comprise the Initial Purchase Price of S$0.6 million and the estimated net tangible assets value of Tomo as at 30 September 2018 of S$0.4 million, as determined from the unaudited management financial statements of Tomo as at 31 August 2018 and mutually agreed between the parties.
The Purchase Price was derived on a willing-buyer and willing-seller basis and is to be satisfied in cash. The acquisition will be funded through internal resources.
Commenting on the acquisition, Mr. Alan Goh, Founder, CEO and Executive Chairman of Katrina said, “The acquisition is part of a larger strategy to diversify the Group’s revenue stream across businesses, markets and segments. Sustainable growth is what we hope to achieve and this acquisition is a step in the right direction for us to extend our market reach locally.”
The acquisition increases the number of restaurants in Singapore operated by the Group to 40 from 38, and the types of cuisines served by the Group to eight from seven.
