# EDGAR Filing Document

**Accession Number:** 0001964314
**File Stem:** 0000000000-23-002061
**Filing Date:** 2023-3
**Character Count:** 18627
**Document Hash:** ec92b7a5f881d39142975573213edad7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-002061.hdr.sgml**: 20240924

**ACCESSION NUMBER**: 0000000000-23-002061

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230301

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JBDI Holdings Ltd
- **CENTRAL INDEX KEY:** 0001964314
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL SHIPPING BARRELS, DRUMS, KEGS & PAILS [3412]
- **ORGANIZATION NAME:** 04 Manufacturing
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-06575

**BUSINESS ADDRESS:**
- **STREET 1:** 34 GUL CRESCENT
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 629538
- **BUSINESS PHONE:** 65 6861 4150

**MAIL ADDRESS:**
- **STREET 1:** 34 GUL CRESCENT
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 629538
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001493152-23-003368

## Text-Extract

```

United States securities and exchange commission logo

                               March 1, 2023

       Lim Chwee Poh
       Chief Executive Officer
       JBDI Holdings Limited
       34 Gul Crescent
       Singapore 629538

                                                        Re: JBDI Holdings
Limited
                                                            Draft Registration
Statement on Form F-1
                                                            Submitted February
2, 2023
                                                            CIK No. 0001964314

       Dear Lim Chwee Poh:

              We have reviewed your draft registration statement and have the
following comments. In
       some of our comments, we may ask you to provide us with information so
we may better
       understand your disclosure.

              Please respond to this letter by providing the requested
information and either submitting
       an amended draft registration statement or publicly filing your
registration statement on
       EDGAR. If you do not believe our comments apply to your facts and
circumstances or do not
       believe an amendment is appropriate, please tell us why in your
response.

             After reviewing the information you provide in response to these
comments and your
       amended draft registration statement or filed registration statement, we
may have additional
       comments.

       Draft Registration Statement on Form F-1 submitted February 2, 2023

       General

   1.                                                   Please disclose the
portion of each class of securities held in the United States and the
                                                        number of record
holders in the United States. Refer to Item 7.A.2 of Form 20-F.
   2.                                                   We note your disclosure
on page F-7 of a number of transactions completed on January
                                                        12, 2023 for purposes
of reorganization. Please revise your prospectus to include a
                                                        discussion of these
transactions in the appropriate section. In addition, file
                                                        the acquisition
agreement, sale and purchase agreement, and reorganization agreement as
                                                        exhibits to the
registration statement or tell us why you are not required to do so. Refer
                                                        to Item 601(b)(10) of
Regulation S-K.
 Lim Chwee Poh
FirstName  LastNameLim
JBDI Holdings  Limited Chwee Poh
Comapany
March      NameJBDI Holdings Limited
       1, 2023
March2 1, 2023 Page 2
Page
FirstName LastName
3.       We note your disclosure on page 29 regarding Russia's invasion of
Ukraine. Please revise
         your filing, as applicable, to provide more specific disclosure
related to the direct or
         indirect impact that Russia's invasion of Ukraine and the
international response have had
         or may have on your business. For additional guidance, please see the
Division of
         Corporation Finance's Sample Letter to Companies Regarding Disclosures
Pertaining to
         Russia   s Invasion of Ukraine and Related Supply Chain Issues, issued
by the Staff in May
         2022.
4.       Please provide us supplemental copies of all written communications,
as defined in Rule
         405 under the Securities Act, that you, or anyone authorized to do so
on your behalf, have
         presented or expect to present to potential investors in reliance on
Section 5(d) of the
         Securities Act, whether or not you retained or intend to retain copies
of these
         communications. Please contact legal staff associated with the review
of this filing to
         discuss how to submit the materials, if any, to us for review.
Market and Industry Data, page 3

5.       We note your disclosure that you commissioned a report prepared by
Frost & Sullivan.
         Please file a consent as an exhibit to your registration statement.
Refer to Rule 436 of the
         Securities Act.
Prospectus Summary, page 9

6.       We note the organization structure diagram on page 62. Please include
a similar
         diagram in the prospectus summary.
Prospectus Summary
Risks and Challenges, page 11

7.       Please revise your summary risk factors so that it does not exceed two
pages in length.
         Please refer to Item 3 of Form F-1 and Item 105(b) of Regulation S-K.
Risk Factors
Our business is subject to supply chain interruptions, page 26

8.       We note your risk factor that your supply chain may be impacted by
interruptions to
         delivery capabilities, increasing transportation costs, and COVID-19.
Update your risks
         characterized as potential if recent supply chain disruptions have
impacted your
         operations.
Use of Proceeds, page 41

9.       We note that a certain portion of the proceeds of this offering will
be used to
         reduce indebtedness. Please disclose the interest rate and maturity of
such indebtedness
         and, for indebtedness incurred within the past year, the uses to which
the proceeds of
         such indebtedness were put. Refer to Item 3.C.4 of Form 20-F.
 Lim Chwee Poh
JBDI Holdings Limited
March 1, 2023
Page 3
Management's Discussion and Analysis of Financial Condition and Results of
Operations, page
45

10.      Please discuss whether supply chain shortages and disruptions
materially affect your
         outlook or business goals. Specify whether these challenges have
materially impacted
         your results of operations or capital resources and quantify, to the
extent possible, how
         your sales, profits, and/or liquidity have been impacted.
11.      We note that you have experienced supply chain disruptions. Revise to
discuss known
         trends or uncertainties resulting from mitigation efforts undertaken,
if any. Explain
         whether any mitigation efforts introduce new material risks, including
those related to
         product quality, reliability, or regulatory approval of products.
12.      We note your disclosure indicating that inflation could significantly
affect your sales.
         Please update this disclosure in a future filing if recent
inflationary pressures have
         materially impacted your operations. In this regard, identify the
types of inflationary
         pressures you are facing and how your business has been affected.
Licenses and Permits, page 76

13.      We note one of your permits expired on February 6, 2023. Please update
this disclosure
         in a future filing.
Management, page 99

14.      Please revise to indicate the time period during which each executive
officer has served in
         their position.
Related Party Transactions, page 109

15.      We note the amounts due to shareholders and director loans. Please
revise to include the
         largest amount outstanding during the period covered, the nature of
the loan, and the
         transaction in which it was incurred. Refer to Item 7.B.2 of Form
20-F. In addition,
         clarify the nature of the amount due to shareholders.
Experts, page 138

16.    Your disclosure states that the auditor   s report    expresses an
unqualified opinion on the
FirstName LastNameLim Chwee Poh
       financial statements and includes two explanatory paragraphs referring
to the restatement
Comapany    NameJBDI
       for correction ofHoldings   Limited
                         an error and the translation of Singapore Dollars to
United States
March Dollars.      Please
       1, 2023 Page   3 reconcile this disclosure with the auditor   s report
presented on page F-2.
FirstName LastName
 Lim Chwee Poh
FirstName  LastNameLim
JBDI Holdings  Limited Chwee Poh
Comapany
March      NameJBDI Holdings Limited
       1, 2023
March4 1, 2023 Page 4
Page
FirstName LastName
Audited Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm, page F-2

17.      Please have your auditor revise the first sentence of its auditor   s
report to state that they
         audited the consolidated statements of operations and comprehensive
income, changes in
         shareholders    equity and cash flows for each of the years in the
two-year period ended
         May 31, 2022.
Arc Development, page Alt-2

18.      We note your disclosure that a number of shareholders and Arc
Development entered into
         an acquisition agreement on January 12, 2023. If applicable, revise to
disclose any
         material relationship that the selling shareholder has had within the
past three years with
         the company or any of its predecessors or affiliates. Refer to Item
9. D.1 of Form 20-F.
Exhibits

19.      At the time you file your registration statement publicly, please have
your auditor revise
         its consent in Exhibit 23.1 to include a statement acknowledging the
reference to it as an
         expert in accounting and auditing. Refer to Rule 436 of Regulation C.
        You may contact Dale Welcome at (202) 551-3865 or Melissa Gilmore at
(202) 551-
3777 if you have questions regarding comments on the financial statements and
related
matters. Please contact Patrick Fullem at (202) 551-8337 or Asia Timmons-Pierce
at (202) 551-
3754 with any other questions.

                                                                Sincerely,

                                                                Division of
Corporation Finance
                                                                Office of
Manufacturing
cc:      Henry F. Schlueter, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

March 1, 2023

Lim Chwee Poh
Chief Executive Officer
JBDI Holdings Limited
34 Gul Crescent
Singapore 629538

**Re: JBDI Holdings Limited**
**Draft Registration Statement on Form F-1**
**Submitted February 2, 2023**
**CIK No. 0001964314**

Dear Lim Chwee Poh:

We have reviewed your draft registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by providing the requested information and either submitting an amended draft registration statement or publicly filing your registration statement on EDGAR. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing the information you provide in response to these comments and your amended draft registration statement or filed registration statement, we may have additional comments.

Draft Registration Statement on Form F-1 submitted February 2, 2023

General

1. Please disclose the portion of each class of securities held in the United States and the number of record holders in the United States. Refer to Item 7.A.2 of Form 20-F.
2. We note your disclosure on page F-7 of a number of transactions completed on January 12, 2023 for purposes of reorganization. Please revise your prospectus to include a discussion of these transactions in the appropriate section. In addition, file the acquisition agreement, sale and purchase agreement, and reorganization agreement as exhibits to the registration statement or tell us why you are not required to do so. Refer to Item 601(b)(10) of Regulation S-K.

Lim Chwee Poh
JBDI Holdings Limited
March 1, 2023
Page 2

3. We note your disclosure on page 29 regarding Russia's invasion of Ukraine. Please revise your filing, as applicable, to provide more specific disclosure related to the direct or indirect impact that Russia's invasion of Ukraine and the international response have had or may have on your business. For additional guidance, please see the Division of Corporation Finance's Sample Letter to Companies Regarding Disclosures Pertaining to Russia's Invasion of Ukraine and Related Supply Chain Issues, issued by the Staff in May 2022.

4. Please provide us supplemental copies of all written communications, as defined in Rule 405 under the Securities Act, that you, or anyone authorized to do so on your behalf, have presented or expect to present to potential investors in reliance on Section 5(d) of the Securities Act, whether or not you retained or intend to retain copies of these communications. Please contact legal staff associated with the review of this filing to discuss how to submit the materials, if any, to us for review.

Market and Industry Data, page 3

5. We note your disclosure that you commissioned a report prepared by Frost & Sullivan. Please file a consent as an exhibit to your registration statement. Refer to Rule 436 of the Securities Act.

Prospectus Summary, page 9

6. We note the organization structure diagram on page 62. Please include a similar diagram in the prospectus summary.

Prospectus Summary

Risks and Challenges, page 11

7. Please revise your summary risk factors so that it does not exceed two pages in length. Please refer to Item 3 of Form F-1 and Item 105(b) of Regulation S-K.

Risk Factors

Our business is subject to supply chain interruptions, page 26

8. We note your risk factor that your supply chain may be impacted by interruptions to delivery capabilities, increasing transportation costs, and COVID-19. Update your risks characterized as potential if recent supply chain disruptions have impacted your operations.

Use of Proceeds, page 41

9. We note that a certain portion of the proceeds of this offering will be used to reduce indebtedness. Please disclose the interest rate and maturity of such indebtedness and, for indebtedness incurred within the past year, the uses to which the proceeds of such indebtedness were put. Refer to Item 3.C.4 of Form 20-F.

Lim Chwee Poh
JBDI Holdings Limited
March 1, 2023
Page 3

Management's Discussion and Analysis of Financial Condition and Results of Operations, page 45

10. Please discuss whether supply chain shortages and disruptions materially affect your outlook or business goals. Specify whether these challenges have materially impacted your results of operations or capital resources and quantify, to the extent possible, how your sales, profits, and/or liquidity have been impacted.

11. We note that you have experienced supply chain disruptions. Revise to discuss known trends or uncertainties resulting from mitigation efforts undertaken, if any. Explain whether any mitigation efforts introduce new material risks, including those related to product quality, reliability, or regulatory approval of products.

12. We note your disclosure indicating that inflation could significantly affect your sales. Please update this disclosure in a future filing if recent inflationary pressures have materially impacted your operations. In this regard, identify the types of inflationary pressures you are facing and how your business has been affected.

Licenses and Permits, page 76

13. We note one of your permits expired on February 6, 2023. Please update this disclosure in a future filing.

Management, page 99

14. Please revise to indicate the time period during which each executive officer has served in their position.

Related Party Transactions, page 109

15. We note the amounts due to shareholders and director loans. Please revise to include the largest amount outstanding during the period covered, the nature of the loan, and the transaction in which it was incurred. Refer to Item 7.B.2 of Form 20-F. In addition, clarify the nature of the amount due to shareholders.

Experts, page 138

16. Your disclosure states that the auditor's report "expresses an unqualified opinion on the financial statements and includes two explanatory paragraphs referring to the restatement for correction of an error and the translation of Singapore Dollars to United States Dollars." Please reconcile this disclosure with the auditor's report presented on page F-2.

Lim Chwee Poh  
JBDI Holdings Limited  
March 1, 2023  
Page 4

# Audited Consolidated Financial Statements

# Report of Independent Registered Public Accounting Firm, page F-2

17. Please have your auditor revise the first sentence of its auditor’s report to state that they audited the consolidated statements of operations and comprehensive income, changes in shareholders’ equity and cash flows for each of the years in the two-year period ended May 31, 2022.

# Arc Development, page Alt-2

18. We note your disclosure that a number of shareholders and Arc Development entered into an acquisition agreement on January 12, 2023. If applicable, revise to disclose any material relationship that the selling shareholder has had within the past three years with the company or any of its predecessors or affiliates. Refer to Item 9.D.1 of Form 20-F.

# Exhibits

19. At the time you file your registration statement publicly, please have your auditor revise its consent in Exhibit 23.1 to include a statement acknowledging the reference to it as an expert in accounting and auditing. Refer to Rule 436 of Regulation C.

You may contact Dale Welcome at (202) 551-3865 or Melissa Gilmore at (202) 551-3777 if you have questions regarding comments on the financial statements and related matters. Please contact Patrick Fullem at (202) 551-8337 or Asia Timmons-Pierce at (202) 551-3754 with any other questions.

Sincerely,

Division of Corporation Finance

cc: Henry F. Schlueter, Esq.