What’s Up With Wang Chia Ye, ASC, and the Coffee‑Shop‑Hangout Saga
Picture this: Wang Chia Ye gears up to toss a little company called Asian Story Corp (ASC) into the hands of Kimly, a fancy coffee‑shop operator. But—plot twist—the whole deal gets revoked on Nov 29. And the buzz around why this happened? Cue the drama.
Wang at Pokka: The Side‑Job Story
- Wang used to be a lanky employee at the Singapore‑based drinks firm Pokka.
- When the ASC sale hit the radar, Pokka’s spokesperson said, “Wang was an employee, but this year he switched to an external marketing consultant.”
- His contract had already expired.
- To clear the air, Pokka highlighted that ASC is NOT part of their empire.
They pointed out that the Pokka International arm currently drops ASC’s products to market, while the Pokka Corporation does some non‑exclusive manufacturing for the same.
Speculation War‑Games: The Kimly‑Pokka Connection
Why, you ask? Newspaper mysters worried that Pokka might feel rung on the head when Kimly bounced ASC. The snappy clarification put that fence‑post breeding to a halt.
Then There Was… Alain Ong (aka Ong Eng Sing)
Ever heard of the man who was Kimly’s non‑executive director from Feb 15, 2017 to January of this year? That’s Alain Ong—and he’s also the nephew of Kimly’s lead independent director Ter Kim Cheu. Rumor mill, anyone?
Pokka, fresh off an internal audit, apparently filed a gripe against him. While their spokesperson stayed tight‑lipped, they confirmed that Ong isn’t on the Pokka payroll any more. He once wore the deputy group CEO hat.
Kimly’s Big‑Screen Trouble
- Executive Chairman Lim Hee Liat and Director Chia Cher Khiang are now under the microscope of the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD).
- They’ve even surrendered travel documents to CAD.
- Kimly opted to pull the plug on the ASC purchase—once it had been sealed for a hot S$16 million in cash back on July 2.
- The original deal promised Wang a sweet earn‑out payment—depending on ASC’s pre‑tax profit. Hit the mark (over S$2 million) and Wang could pocket an extra S$8 million; if it didn’t, the payment gets pro‑rated.
Why the sudden swoop? Kimly says it was because Pokka Corp hitched a note to terminate its 6‑month manufacturing pact with ASC on Nov 22. To date, Wang has already bounced back S$12 million, with the remaining balance slated for repayment over three years.
Trading and Financial Juxtapositions
- Kimly put a trading pause on its shares while they chef‑up updates for shareholders.
- Notably, ASC’s results didn’t make it into Kimly’s unaudited financials because the deal got tossed.
- Despite the hiccup, Kimly announced a 14.4% jump in net profit to S$5.7 million for Q3 (ended 30 Sept), and revenues nudged up by 5.9% to S$53 million.
- Shares went from a low of S$0.245 up to S$0.255 after the trading shuffle—an 8.9% dip from pre‑suspension closes.
Kimly’s Roots and Numbers
Founded by Lim Hee Liat and friends in 1990, Kimly hopped onto the Catalist board April 20, 2017—thanks to PrimePartners Corporate Finance. Now the controlling man, Lim, owns a 42.4% chunk.
That’s the scoop in a nutshell: a company sold, a deal halted, a handful of corporate drama, and a ton of green cash moving around. Stay tuned for the next chapter in this corporate soap opera!
