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Japan Foods extends long stop date for JV to bring ramen restaurant to Indonesia
CATALIST-listed Japan Foods Holding on Monday said the long stop date for its joint venture (JV) with PT Arena Gourmet to develop its Japanese ramen restaurant under the Menya Musashi brand in Indonesia has been extended to May 14 this year, from April 16.
The restaurant operator, which runs Japanese ramen restaurant chains such as Ajisen Ramen and Menya Musashi in markets including Singapore, Malaysia and Hong Kong, had said in a previous announcement that completion of the JV is conditional upon the approval by relevant authorities, obtaining third-party consents where applicable, and the execution of a trademark licence agreement between Bachmann Enterprises and PT Menya Musashi Indonesia.
The extension was due to the "longer than expected time required for the fulfilment of these conditions precedents", Japan Foods said.
Save for this extension, all other terms and conditions of the agreement remain unchanged, the company addded.
Shares in Japan Foods last traded unchanged at S$0.465 apiece on April 4.