NauticAWT proposes to buy stake in Thai casual restaurant operator for 70m baht
OIL and gas engineering group NauticAWT has entered into a share purchase agreement on Wednesday with Rich Restaurant Company's sole director Kritsada Tunpow, to acquire a 35 per cent stake in the Thai restaurant operator for 70 million baht (S$3.1 million).
The proposed acquisition is part of NauticAWT's foray into the food and beverage (F&B) sector in Thailand and will be funded by proceeds from the group's July 10 share subscription.
Rich Restaurant Company operates a casual restaurant business and franchise called Chokdee Dimsum in Thailand. Chokdee Dimsum has 24 branches - 16 of which are via franchisees, and one central kitchen. It serves Chinese-style dim sum and bak kut teh (pork rib soup).
The group had on Nov 19 obtained shareholder's approval to diversify into the F&B business.
NauticAWT shares last traded at one Singapore cent on Nov 11, down 0.2 Singapore cent or 16.7 per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
Inside TSMC chairman Mark Liu's short but impactful reign
CSE Global bags US$36.5 million data centre contract extension
Keppel DC Reit reports 13.7% lower Q1 DPU of S$0.02192 amid loss allowances
Singapore shares open higher on Friday; STI up 0.2%
TSMC estimates losses of US$92.4 million due to Taiwan earthquake