Jumbo signs up franchisee in Taiwan

A WHOLLY-OWNED subsidiary of Singapore-listed Jumbo Group has entered into a franchise agreement with Ho Sing Food Co Ltd.

Jumbo said after Monday's trading close that the franchise agreement involves the establishment and operation of Jumbo Seafood restaurants in Taiwan.

The franchise agreement has an initial term of 10 years and may be renewed for a further 10 years. It also envisaged that eight outlets will be opened in Taiwan.

Jumbo said separately on Monday that its indirect wholly-owned subsidiary Jumbo F&B Services Pte Ltd had increased its contribution to the registered capital in JFB Shanghai. Jumbo F&B has raised its contribution to S$1.24 million from US$350,000, the group said.

The registered capital contribution was satisfied in cash and funded through the company's internal resources.

JFB Shanghai is an indirect wholly-owned subsidiary of the Singapore-listed group.