Catalist-listed Vividthree Holdings OMK has announced a joint venture (JV) with private company KStar Management to develop and operate a new brand of “automated, family-friendly karaoke lounges”.
According to an Aug 23 bourse filing, the new JV is named K.Space. Vividthree will hold a 55% stake in the joint venture; while KStar, a Singapore-incorporated owner and operator of themed karaoke bars in Singapore, will own the remaining 45%.
The first location is expected to open in the west of Singapore in 4Q2024.
Vividthree co-founder and CEO Charles Yeo says: “We are very excited to partner with KStar, who has revolutionised the concept of karaoke in Singapore. They are a young company with fresh ideas to create a healthy outlet for entertainment and leisure. Together, we are reimagining the ultimate entertainment destination for families and friends, with innovative and engaging music-related leisure activities to make forever memories.”
Rain Li, owner of KStar, says: “We are thrilled to join Charles and the team on this joint venture. We have been fans of their high-calibre VFX work in some of the most iconic visual projects in Asia. Their innovative approach to family entertainment aligns perfectly with our vision to be a top Singapore entertainment and lifestyle brand. Karaoke is no longer just about singing; it’s about orchestrating the most enjoyable experience for the consumers.”
Shares in Vividthree closed 0.1 cents higher, or 4.17% up, at 2.5 cents on Aug 23.
