Aspen Group (SGX:1F3) will place wholly owned subsidiary Kanada-Ya SG and stepdown subsidiary Kanada-Ya Restaurants under creditors' voluntary liquidation, according to a Wednesday filing with the Singapore Exchange.
The decision was taken amidst challenging conditions in Singapore's food and beverage sectors, with the subsidiaries unable to continue their business due to liabilities, the filing said.
The liquidation will also help the company streamline its operations and focus on its core business segments.
Meanwhile, Neo Ban Chuan has been appointed as a provisional liquidator of the subsidiaries.
Shares of the company were down over 2% in recent trading.
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