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Koufu enters JV to take Supertea, R&B Tea to Indonesia
A SUBSIDIARY of food court operator Koufu Group has entered into a joint-venture (JV) agreement to expand the Supertea and R&B Tea brands into Indonesia.
The group will have a stake of 32.4 per cent in the JV through its subsidiary, Super Tea, which will hold a 54 per cent interest in the JV. The remaining shares will be held by its partners, including A&O Assets (A&O) and Chan Bee Kiew, who hold 40 per cent and 6 per cent respectively.
The JV is to be incorporated in Indonesia, with an initial issued paid-up share capital of S$1 million.
A&O is an investment holding company jointly owned by Koay Hean Eng, the founder and chief executive of Malaysia-listed property developer Kobay Technology Bhd Group. Meanwhile, Ms Chan was previously the general manager of a "reputable restaurant chain group in Indonesia" and has over 10 years of experience in operating F&B businesses in Indonesia, Koufu said.
Pang Lim, Koufu's chief executive officer, said: "The Supertea and R&B Tea brands have a strong following in Singapore, and we expect to grow to 30 outlets by the end of the year. We believe we are well-positioned to capitalise on the vast market potential in Indonesia, using it as a springboard for further expansion into the region."
The brands will start with a focus on Jakarta's Grade A malls, before progressively expanding their footprint across the rest of the country.
Koufu may also eventually take its food retail brands into Indonesia, it added.
Shares in Koufu closed at 75.5 Singapore cents on Thursday, up 1.5 cents.