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Singapore, 16 July 2019 – Nexia TS is pleased to announce that it has successfully assisted Australian-based food and beverage (F&B) firm, ST Group Food Industries Holdings Limited (the “ST Group”), in its listing on Singapore Exchange (SGX) Catalist Board on 3 July 2019. The initial public offering (IPO) is priced at S$0.26 apiece. The IPO is expected to raise net proceeds of S$6.2 million from the placement of 30.1 million shares.
As the appointed internal control review auditor, the firm’s Risk Advisory Team reviewed the adequacy of internal controls in place in preparation for ST Group’s IPO. ST Group owns exclusive franchises and licence rights to PappaRich, NeNe Chicken, Hokkaido Baked Cheese Tart, Gong Cha, Ippudo and iDarts brands in various territories across Australia, New Zealand and Malaysia. As at May 31 2019, ST Group had a network of 101 outlets comprising of 38 outlets owned and operated by the Group and 63 outlets, which are owned and operated by its sub-franchisees and sub-licensees. Net proceeds from the IPO will be used to expand the Group’s franchise network, introduce new brands and concepts and to set up a new central kitchen and corporate office in Malaysia.
Ronald Teoh, Financial Controller, ST Group said, “Nexia TS reviewed the internal controls of ST Group, as part of pre-IPO requirements. The review was conducted professionally and useful recommendations for improvements were brought up. The team worked around the clock and was able to deliver the review report and subsequent follow-ups within the planned timeframes.”
Mr Henry Tan, Group CEO and Chief Innovation Officer, Nexia TS said, “Readiness is the key to a successful listing. Having assisted many companies in the capacity of reporting auditors, tax and internal control review auditor, the firm takes stringent steps to assist clients in ensuring compliance to IPO requirements. These achievements could not have been ours alone if without the trust our clients have placed in us. Congratulations to ST Group on its successful listing on SGX.”
About ST Group Food Industries
ST Group Food Industries was incorporated in Singapore on 11 January 2018 under the Companies Act as a private company limited by shares, under the name of “ST Group Food Industries Holdings Pte. Ltd.” On 10 June 2019, the Group was converted into a public company limited by shares and our name was changed to “ST Group Food Industries Holdings Limited”.
As an established F&B group headquartered in Australia, the Group owns exclusive franchise and licence rights to six (6) internationally popular F&B brands or concepts in various territories in Australia, New Zealand, Malaysia and England, United Kingdom (as the case may be). They have also developed the “PAFU” and “KURIMU” brand concepts.
About Nexia TS:
Nexia TS was founded in 1993 by two experienced chartered accountants – Henry Tan and Sitoh Yih Pin. After working as managers for one of the international accounting firms, they saw a vision and an opportunity to establish their own organisation – not any accounting firm – but one which is unique in their personalised and well-qualified expertise.
To date, Nexia TS is recognised as an established mid-tier local accounting firm. We have grown significantly in size over the years. Being an independent member firm of Nexia International, we are affiliated to accounting firms in many parts of the world. This means that our clients will get to enjoy personalised, comprehensive and quality services at competitive rates in Singapore and globally. Our reputation for quality has been recognised by clients and accounting professionals. As testimony to this, we are among the first few local accounting firms to be accredited by the Institute of Chartered Accountants in Australia to provide supervision of professionals undergoing traineeship to qualify as Chartered Accountants.
Headquartered in Singapore, Nexia TS has established a strong presence in various countries across the region. Nexia China is a one-stop centre providing advisory services for foreign-invested enterprises in China. NTS Malaysia and NTS Myanmar provide a full suite of corporate advisory services for our clientele with operations and new foreign investments in the respective countries.
Nexia International is an international network of accounting and consulting firms with origins going back to 1971, making Nexia International one of the longest established networks. Currently, with 32,000 staff serving our clients at 710 offices in 120 countries, it is ranked as the top 10 largest international accounting and consulting network.
For more details, please visit www.nexiats.com.sg
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Nexia TS is a member firm of the “Nexia International” network. Nexia International Limited does not deliver services in its own name or otherwise. Nexia International Limited and the member firms of the Nexia International network (including those members which trade under a name which includes the word NEXIA) are not part of a worldwide partnership. Nexia International Limited does not accept any responsibility for the commission of any act, or omission to act by, or the liabilities of, any of its members. Each member firm within the Nexia International network is a separate legal entity.