TungLok expands overseas, woos younger diners in Singapore

Singapore

TUNG Lok Restaurants (2000) is expanding overseas, albeit conservatively, because the chances of growing money abroad are greater, its CEO and executive chairman Andrew Tjioe said.

Speaking to reporters after the group's FY2017 annual general meeting (AGM) on Monday, Mr Tjioe said the move is a bid to reduce over-dependence on its key market of Singapore.

"For example, we are developing our franchise in Japan. At the moment, we have a total of nine outlets, all through franchising and licensing. It is the same in Indonesia and Vietnam," he said.

For China, expansion is done through joint ventures.

"We may not hold majority stakes. We can continue to expand in that market, which is at present, very competitive," he said, adding that it is…