Singapore Kitchen Equipment

Singapore Kitchen Equipment (SKE): Trading debut today with its offering price of $0.20. Counter is down 5% to $0.19 on lacklustre volume of 1.3m shares versus its float of 2.25m shares (9.8% of share capital). SKE designs, fabricates, customises, installs, services and maintains commercial and industrial kitchen equipment. The company also sells and distributes third-party kitchen equipment imported from manufacturers from Canada, Europe, Japan and the US. Its major customers include central kitchens, integrated resorts, hotels, government agencies and restaurants. The company operates in two key business segments - Fabrication and Distribution segment and Maintenance and Servicing segment. The company does not have a fixed dividend policy but intends to distribute at least 40% of net profit in FY13, FY14, and FY15 subject to satisfactory financial conditions as outlined in the prospectus.