True Fitness and True Yoga are closing all its Singapore outlets after being placed under provisional liquidation.
Their parent company, Kontafarma China Holdings, declared in a bourse listing that the personal fitness chains are unable to continue business due to liabilities.
Checks by AsiaOne on the Accounting and Corporate Regulatory Authority’s BizFile records on Friday (Sept 11) show that True Fitness Pte. Ltd. and True Yoga Pte. Ltd. are both “in liquidation” with “creditors voluntary winding up”.
The bourse listing on HKEX, dated Sept 10, stated that the True Singapore Group faced challenges, including “increasingly fierce market competition and rising costs in attracting customers”.
It singled out factors including the increasing popularity of boutique gyms, condominium gym facilities and online fitness options, as obstacles to the business.
‘Significant liquidity pressure’
Kontafarma said the Singapore business “continued to underperform and face significant liquidity pressure” despite receiving additional cash funding.
For the year of 2025, the True Singapore Group recorded approximately HK$181.2
million (S$29.3 million) revenue and about HK$34.3 million loss.
Unaudited management accounts for January to August this year indicated that revenue was approximately HK$118.4 million and the loss was approximately HK$19.1 million.
As at Aug 31, the True Singapore Group had net liabilities of approximately HK$429.3 million, all of which were incurred by its ordinary course of business.
Kontafarma concluded that the best course of action was a “structured, creditor-supervised” liquidation process to wind down the Singapore business.
“It can also allow the Company to deploy its resources in a more optimal way for the development of the pharmaceutical business of the Group for the interest of the Company and its shareholders as a whole in long run,” it added.
Kontafarma has appointed provisional liquidators for the company and scheduled extraordinary general meetings on Oct 7 to propose the creditors’ voluntary winding-up.
Kontafarma — through its subsidiaries — is principally engaged in the manufacturing and sales of prescription drugs, including chemical drugs and prescribed traditional Chinese medicines in China.
AsiaOne has reached out to the Ministry of Manpower and Consumers Association of Singapore for more information.
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laili.abdeen@asiaone.com
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