SINGAPORE (Feb 18): Jumbo Group is bringing its Jumbo Seafood line of seafood restaurants to South Korea via a 50:50 joint venture (JV) between its indirect wholly-owned subsidiary, Jumbo F&B Services, with TCI Inc.
The first Jumbo Seafood restaurant in South Korea targeted to be operational in Seoul by 3Q19. It will mark Jumbo’s first foray into the country’s market.
TCI is a subsidiary of Didim, a Korea Exchange-listed F&B company with over 400 restaurnts operating under 20 brands in South Korea, as well as 34 restaurants operating overseas.
It is known for its Magal BBQ and Yeon-Ahn Sikdang brands, which specialise in Korean barbecue and Korean seafood bibimbap, respectively.
In its announcement last Friday, Jumbo says it expects its latest joint venture with TCI to strengthen its market position as well as add value to the group’s existing business.
“We have always been on the lookout for partners that have a strong track record in their local markets, and we are happy to have found Didim which is a well-established name in the South Korean F&B industry. We believe that this joint venture will allow both parties to have the opportunity to leverage on each other’s expertise, says Ang Kiam Meng, group CEO and executive director of Jumbo.
“Over the years, our JUMBO Seafood brand has amassed strong support from tourists who hail from North Asia, especially from South Korea, the People’s Republic of China and Taiwan, and we are excited to have this opportunity to bring a part of Singapore’s heritage dishes to the South Korean capital [Seoul],” he adds.
Shares in the group closed flat at 42 cents on Friday.
