MALAYSIA: DBE, FFCL TO JOINTLY OPEN HARUMI QSR IN THAILAND
KUALA LUMPUR, Malaysia D.B.E. Gurney Resources Bhd has partnered meat retailer, Farmmesh Foods Co Ltd (FFCL), to jointly open and operate the Quick Service Restaurant (QSR) under the Harumi fried chicken brand concept in Thailand.
Under the Memorandum of Understanding signed between DBE’s wholly-owned subsidiary, D.B.E. Poultry Sdn Bhd (DBEP) and FFCL, both parties agreed to operate Harumi Thailand through 30:70 joint venture arrangement.
The agreement also includes operating two Harumi standard and signature QSR by year-end, as well as target the opening of the pioneer Harumi standard QSR by early July 2018.
The MoU will see a strategic alliance with FFCL to enhance DBEP’s business activities by promoting Harumi products via retail chains in Thailand and also facilitate the operation of Harumi signature restaurants in overseas market.
This will sustain its business competitiveness and is expected to generate positive earnings for the Group, said DBE in a filing to Bursa Malaysia today.
It added the investment cost was estimated at US$253,000 (RM989,230), which would be internally funded by DBEP (US$76,000) and FFCL (US$177,000).
Source: NAM News Network