SINGAPORE (July 4): Koufu Group, the operator of food courts, is expanding its Supertea and R&B Tea brands into Indonesia through a joint venture company and expects to open up to 30 outlets by the end of the year.
Koufu subsidiary Super Tea will hold 54% stake in the JV company. Partners A&O Assets Sdn Bhd (A&O) and Chan Bee Kiew will hold the other 40% and 6% stakes respectively.
Koufu will have an effective stake of 32.4% in the JV company after the completion of the deal.
A&O is an investment holding company jointly-owned by Datuk Koay Hean Eng, who is also the founder and chief executive of Kobay Technology Bhd Group, a Bursa Malaysia-listed property developer.
Koufu says Koay brings with him strong connections within the property sector and rich experience in overseas ventures. Meanwhile, Chan was formerly the GM of a reputable restaurant chain group in Indonesia and has more than 10 years’ experience in operating F&B businesses in the country.
Pang Lim, Koufu’s executive chairman and CEO, says the expansion into Indonesia is in line with its plans to enter new geographical markets for growth.
“Many Indonesian tourists had requested for us to bring the brand to Indonesia. We believe we are well-positioned to capitalise on the vast market potential in Indonesia, using it as a springboard for further expansion into the region,” says Pang.
“With an initial focus on Jakarta’s Grade-A malls, we plan to progressively expand our footprint across Indonesia, which will establish a platform for us to also consider bringing our other food retail brands into the country.”
Shares in Koufu closed 1.5 cent higher at 75.5 cents on Thursday.
See: Koufu boosted by Rasapura revamp, new stores and food court switch
