SINGAPORE (March 20): Jumbo Group on Friday entered into a joint venture agreement to open its first Jumbo Seafood restaurant in Beijing, China.
The latest Jumbo Seafood restaurant will be located within the Beijing SKP, one of the top high-end iconic, luxury and fashion shopping malls in Beijing and China.
“The restaurant’s privileged location enables us to reach out to the more affluent segment of the market, which is cosmopolitan in outlook and more adventurous in their culinary pursuits,” said Ang Kiam Meng, Group CEO and Executive Director of Jumbo in a Monday night filing.
The agreement was concluded between the Group’s indirect wholly-owned subsidiary, Jumbo F&B Services (Shanghai) Co. and Beijing Hualian (SKP) Departmental Store Co., a member of the Beijing Hualian Group.
JFB Shanghai will hold a 51% stake in the joint venture, while Beijing Hualian holds the remaining 49%.
Under the terms of the agreement, JFB Shanghai and Beijing Hualian will incorporate a joint venture company under the laws of China with a registered capital of RMB10 million ($2 million).
Slated for opening by the 3rd quarter of 2017, the new restaurant will be the latest addition to the Group’s Jumbo Seafood brand in China that currently includes three existing restaurants in Shanghai.
Ang added, "This will be our fourth restaurant in China. We intend to capitalise on our experience and knowledge in operating Jumbo Seafood restaurants in Shanghai and adapt these for our operations in Beijing.”
Shares of Jumbo closed 1 cent higher at 71 cents.