True Fitness and True Yoga to shut in Singapore amid millions in losses
The two companies operate 10 fitness and yoga outlets across Singapore True Fitness and True Yoga are set to shut their Singapore operations, as parent company Kontafarma China Holdings moves to liquidate the businesses amid mounting financial losses. The Hong Kong-listed company said in a bourse filing on Thursday (Sep 10) that the directors of […]
True Fitness and True Yoga, fitness and yoga businesses operating in Singapore, are set to cease operations amid significant financial losses. The Hong Kong-listed parent company, Kontafarma China Holdings, is liquidating the businesses due to their mounting liabilities. True Fitness and True Yoga, under the True Singapore Group, had 10 outlets across Singapore, operating under three brands.
Despite generating approximately HK$181.2 million (US$30 million) in revenue for the year ended December 2025, the group reported a loss of HK$34.3 million (US$5.7 million). As of August 31, 2026, the group had total assets of HK$204.5 million but liabilities of HK$633.8 million, resulting in net liabilities of HK$429.3 million (US$72 million).
The parent company cited fierce competition, rising costs, and the growth of boutique gyms as factors contributing to the financial struggles. Kontafarma has appointed insolvency practitioners and scheduled extraordinary general meetings for the creditors' voluntary winding-up, which will commence after resolutions are passed. The closure allows Kontafarma to redirect resources towards its pharmaceutical business, which accounted for a significant portion of its revenue and assets in the first half of 2026.
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