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Far East's Ng nibbles on Jumbo; Sian Chay takes stake in Singapore Paincare

The Edge Singapore Published on Fri, Dec 11, 2020 / 6:31 AM GMT+8

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Jumbo Group recently acquired a 75% stake in famous wanton mee stall Kok Kee for $2.1 million from owner Leong Goh Lian. Kok Kee, founded in 1985, now sells its noodles in a coffee shop along Foch Road, where it draws a steady crowd.

Half of the acquisition consideration, or $1.05 million, will be paid out first. Of this, 70%, or $735,000, will be paid in cash while the other 30%, or $315,000, will be paid out in Jumbo shares of the same value to be determined at a later date. The other $1.05 million will be paid later upon satisfaction of terms of the deal.

Evidently, Leong is not the only person keen on having Jumbo shares. On Nov 30, Kuang Ming Investments, a private entity controlled by the Ng family of Far East Organization (FEO), acquired 124,000 Jumbo shares on the open market for $40,300, or 32.5 cents each.