YKGI Limited YK9 has entered into a non-binding overseas authorisation memorandum (OAM) with Fang Yuan F&B International to operate and, or manage the Chicha San Chen franchise in Macau.
Both parties will work towards entering the definitive agreements afterwards.
Fang Yuan is the franchisor of the Taiwan-based bubble tea brand. YKGI had previously signed a master franchise agreement with Fang Yuan and was granted the franchise and license to operate outlets under the Chicha San Chen brand in Singapore. The master franchise agreement is good for a term of 10 years from Jan 14, 2019.
As at 3.13pm, shares in YKGI are trading 0.4 cents lower or 3.77% down at 10.2 cents.
