Soup Restaurant

Soup Restaurant: Update to earlier announcements. Co will divest its 50.24% stake in YES to the 2 private individuals Yik Kuen Koon and Eliza Gunawan. for $7.8m. YES owns the Dian Xiao Er branch of business. The lawsuit by the 2 indiv against co will also be dropped. The case arose due to difference of mgmt btwn co and the 2 indiv who were the original owners of Dian Xiao Er. The NAV of assets sold is approx $4.1m and co will book a gain of $3.7m. Co's current market cap is $36.7m and trades at P/B of 2.2x. Transaction is done at lower P/B valuations but monetises its asset value.