The two companies, which operate the gym True Fitness, TFX and Yoga Edition brands, have begun a winding-up process, according to The Business Times.
Their parent company, Hong Kong-listed Kontafarma China Holdings, said in a bourse filing that the personal fitness chains are unable to continue operating due to their liabilities.
In a Hong Kong Stock Exchange filing dated Sept. 10, Kontafarma said the True Singapore Group, which operates the two companies, faced challenges including “increasingly fierce market competition and rising costs in attracting customers.”
It cited the growing popularity of boutique gyms, condominium gym facilities and online fitness options as factors affecting the business.
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A True Fitness gym in Singapore. Photo courtesy of True Fitness |
Kontafarma said the Singapore business “continued to underperform and face significant liquidity pressure” despite receiving additional cash funding.
In 2025, the True Singapore Group recorded approximately HKD181.2 million (US$23.1 million) in revenue and a loss of about HKD34.3 million, AsiaOne reported.
Unaudited management accounts for January through August this year showed revenue of approximately HKD118.4 million and a loss of approximately HKD19.1 million.
As of Aug 31, the True Singapore Group had net liabilities of approximately HKD429.3 million, all of which were incurred in the ordinary course of business.
Kontafarma said 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.
Through its subsidiaries, Kontafarma is principally engaged in the manufacturing and sale of prescription drugs, including chemical drugs and prescribed traditional Chinese medicines in China.
In a Facebook post on Sept. 11, Consumers Association of Singapore President Melvin Yong said the association had received 28 complaints to date from consumers affected by the closure.
Consumers also reported total losses of more than SGD63,000 in unused memberships, packages and services.
“CASE has reached out to the provisional liquidator and will continue to seek clarification on the arrangements for affected consumers, including information required for consumers to lodge their claims,” Yong wrote.