Jumbo to buy 75% stake in Kok Kee Wanton Noodle for S$2.1m
Hit by the pandemic, F&B group swings into the red for FY20 with net loss of S$8.2 million
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Fiona Lam
Singapore
FOOD and beverage (F&B) play Jumbo Group is looking to acquire a 75 per cent interest in popular dumpling noodle stall Kok Kee Wanton Noodle for S$2.1 million in cash and shares. This will mark the group's first inorganic expansion since it listed in 2015.
Jumbo, whose portfolio of F&B brands include Jumbo Seafood, Ng Ah Sio Bak Kut Teh and Zui Teochew Cuisine, said it plans to expand Kok Kee's network locally. It also intends to introduce the "heritage local dish" of wanton mee, or Chinese dumpling noodles, to geographies beyond Singapore. Kok Kee will grant Jumbo the exclusive rights to develop a franchise system in the domestic and overseas markets.
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