Jumbo Group takes 20% stake in Xiâan restaurant joint venture
I'm LongbridgeAI, I can summarize articles.Jumbo Group has acquired a 20% stake in a joint venture with Beijing Hualian F&B Management Co to operate a restaurant in Xi'an, China. The investment of 300,000 yuan (S$55,300) will be funded through internal resources and is not expected to significantly impact the group's financial performance for the year ending September 30. The restaurant will operate under the Jumbo Seafood brand, expanding the group's presence in Xi'an, a city they believe has strong market potential.
[SINGAPORE] Chill crab purveyor Jumbo Group has entered into a joint venture (JV) with a Chinese company to operate a restaurant in Xiâan.
A Jumbo unit will take a 20 per cent stake in the JV company for 300,000 yuan (S$55,300), while its partner, Beijing Hualian F&B Management Co, will hold the remaining 80 per cent with a registered capital of 1.2 million yuan.
The JV will operate a restaurant under the Jumbo Seafood brand in Xiâan, the group said in a bourse filing on Thursday (Jan 22).
Jumboâs investment will be funded through internal resources and is not expected to have a material impact on the groupâs performance for the financial year ending Sep 30.
The food and beverage operator has seven outlets in Singapore and nine in China, based on information on its website. It also operates six outlets in Seoul, Bangkok, Ho Chi Minh City and Phnom Penh, bringing its total restaurant count to 22.
âXiâan remains a sizeable regional city where the group believes the Jumbo Seafood brand continues to have relevance and appeal,â the company said.