GS Holdings announced that its indirect wholly-owned subsidiary Hao Kou Wei (HKW) has entered into a joint venture agreement with Singapore-based food manufacturer Focaccia Foods to develop franchise and manage various food & beverage brands, among others.
Established since 2003, Focaccia Foods is mainly involved in food manufacturing and distribution of frozen food products to food businesses and to local retail supermarkets. Focaccia Foods also undertakes F&B outlet operations including canteen operations in a renowned overseas international school. All of Focaccia Foods’ food preparation, cooking and baking activities are done in Singapore.
See: GS Holdings subsidiary enters into joint venture to develop, franchise and manage several F&B brands
Manufacturing and distributing frozen food products to food businesses, local grocery retailers and major supermarkets, Focaccia Foods has expanded from pizza products, to produce Indian curry puffs and various Asian cuisine.
For a start, the joint venture partners are planning for a new F&B concept that will be developed into a franchise model, targeted to be set up in coffeeshops and food courts across the heartlands of Singapore.
Under the joint venture agreement, both HKW and Focaccia Foods shall provide the relevant resources and experience to support the operations of the joint venture company.
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Each party shall hold 50% of the enlarged issued and paid-up share capital of the JV company.
Pang Kok, CEO and executive director of GS Holdings says, “Leveraging our collective know-how and resources in a collaborative approach, we are excited to partner with Focaccia Foods to develop and franchise new F&B brands at greater scale in Singapore and beyond. More importantly, we hope that the joint venture can create strong F&B brands that spur new employment opportunities in the community and develop new opportunities that nurture the next generation of F&B entrepreneurs.”
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Pang Kok is also the brother of Pang Lim, executive chairman and CEO of food court operator Koufu.
Shares in GS Holdings closed at 42 cents on Nov 1.
