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Jumbo to include Hong Kong's "Tsui Wah" brand in its portfolio
JUMBO Group on Friday announced that it has signed a joint venture agreement with Kang Wang Holdings, a wholly-owned subsidiary of the Hong Kong listed Tsui Wah Holdings, to work on expanding the Hong Kong-style "Cha Chaan Teng" under the "Tsui Wah" brand into Singapore.
The joint venture company (JVC) will be a 49:51 joint venture between a Jumbo subsidiary and Kang Wang. The JVC has also entered into a franchise agreement with Tsui Wah International Patent which will give the JVC the right to use the "Tsui Wah" trade marks and trade names in Singapore.
As at January 2018, the Tsui Wah Group has 70 outlets in Hong Kong, Macau and China. The introduction of "Tsui Wah" into Singapore will be the brand's first entry into the South-east Asian consumer market.
Jumbo said it will fund its share of investment of S$244,998 in the JVC using internal resources.