SINGAPORE - Restaurant operator No Signboard said on March 21 that it will sell its trademarks under a settlement agreement with its former executive chairman Lim Yong Sim, former controlling shareholder GuGong and Mattar Road No Signboard Seafood Restaurant (MRNSSR).

The move comes a day after GuGong and Mr Lim said they would sell their combined 254.4 million shares in the company to three investors for $500,000. Mr Lim also tendered his resignation on March 20.

Under the terms of the settlement agreement, GuGong, Mr Lim and MRNSSR agreed to release and discharge No Signboard and its board from all claims, demands, liabilities and rights that each of them may have.

The company also agreed to release Mr Lim, GuGong and MRNSSR from all claims, demands and liabilities.

GuGong and Mr Lim, on their part, will not take further steps to call for an extraordinary general meeting of the company.

The company further announced that it will sell its “No Signboard” trademarks to GuGong for $10,000. It noted that the trademarks are not capitalised as intangible assets and have no net book value or open market value.

The company added that since acquiring Dining Haus, the group has not expected to rely on the trademarks to operate its business in future.

Instead, it intends to conduct a rebranding exercise, including the rebranding of its casual and quick-serve restaurant outlets operating under the “No Signboard” name.

“The Covid-19 pandemic brought on significant changes in the competitive environment and the company’s customers, and the rebranding exercise speaks to how the brand addresses stakeholders and customers’ needs amid the changing competitive landscape,” the company said.

Under the settlement agreement, it said it will also change its name within three months. THE BUSINESS TIMES