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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.