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Old Chang Kee sets up JV to expand brand in UK
OLD Chang Kee has entered into an agreement with 13 Wonders to incorporate a joint venture company in the UK to enable the group to expand its operations and build its brand there, chiefly in London.
The joint venture company called Old Chang Kee UK (OCK UK), which will be a direct subsidiary of Old Chang Kee, will have an initial paid-up share capital of £500,000 (S$873,000) comprising 500,000 shares.
Under the agreement, Old Chang Kee and 13 Wonders will hold 60 per cent and 40 per cent of the shareholding interest in OCK UK, respectively.
OCK UK's business will involve the operation of food retail outlets and the manufacture, distribution and trading of food products within the United Kingdom.
13 Wonders, an unrelated third party, is incorporated in Singapore and is principally involved in general wholesale trade and retail sale of food.