SDAI Limited (the "Company") was formerly known as Kitchen Culture Holdings Ltd. and was listed on the Catalist board of the SGX-ST on 22 July 2011.
The Company suspended trading in its shares in July 2021 after responding to the queries from the SGX-ST on the cessation of the ex-Chief Executive Officer, Mr Lim Wee Li.
As disclosed in the Company’s announcement dated 20 September 2021, the Company appointed Deloitte & Touche Financial Advisory Services Pte. Ltd. as the special auditor to review the matters raised in the Notice of Compliances dated 14 July 2021 and 19 August 2021.
The Group’s principal business of distributing high-end kitchen systems, kitchen appliances, wardrobe systems, bathroom furniture, household furniture, and kitchen accessories from Europe reduced significantly after its principal wholly-owned subsidiary, KHL Marketing Asia-Pacific Pte. Ltd., entered into a compulsory liquidation on 5 April 2022 from the winding up application filed by Kim Hup Lee & Co. (Private) Limited.
On 26 June 2023, the Company announced changes to the board composition, resulting in the constitution of a new board of directors for the Company (“Board”).
The immediate tasks for the Board are to resolve all the outstanding legacy issues, including settling long overdue liabilities, completing the special audit and strengthening the internal controls so as to elevate the Company to be in the position of pursuing new businesses.