Singapore: Global Food forms QSR JV; Koh Brothers merge subsidiaries

Singapore skyline at dusk. Credit: Flickr/Nicolas Lannuzel

Restructuring and joint ventures are the order of the day for Singaporean firms. A subsidiary of Global Yellow Pages, Global Retail Food Group, has established a joint venture with South Korean firm Aimer Co to grow their respective brands. Meanwhile, the Koh Brothers conglomerate is restructuring to enhance operational efficiencies.

Global Food Retail Group forms QSR JV with Aimer Co

Global Food Retail Group, a wholly-owned subsidiary of Global Yellow Pages, will jointly operate fast food retail businesses with Aimer Co across several Asia Pacific (APAC) countries. The brands are Wendy’s and Gang Ti.

Wendy’s is a quick service restaurant (QSR) franchise that sells beverages, ice cream, treats, hot dogs and other products. Meanwhile Gang Ti, operated by Aimer and incorporated in South Korea, sells fried chicken, drinks and other products.

Wendy’s is an Australian brand, with a presence across Australia and New Zealand. Acquired by Global Yellow Page in 2014, this move is aligned with the strategy of expanding the brand across the Asia Pacific.

According to a stock exchange filing, both firms have granted interest-free shareholder loans to the JV corporation for an aggregate of US$6 million in cash, as well the intellectual property (IP) and franchise license. This will see the JV operate the Gang Ti franchise in Southeast Asia, Australia and New Zealand, while Wendy’s will expand into the South Korean and Japanese markets.

Also Read: SG Dealbook: Keppel consolidates Harbourfront holding; LMIR gets $70m loan

Koh Brothers merging subsidiaries in restructuring exercise

Koh Brothers Group, the civil engineering, construction services and property conglomerate, is merging its engineering construction arm into another subsidiary, Koh Brothers Eco Engineering.

This move is part of a group restructuring exercise and will see Koh Brothers Eco – environmental and sustainable engineering solutions provider – acquire the entire issued and paid-up share capital of Koh Brothers Building & Civil Engineering from Construction Consortium, a wholly-owned subsidiary of Koh Brothers Group.

According to stock echange documents, the acquisition consideration of S$19 million ($13.1 million) will be satisfied through the allotment and issuance of 369.1 million new Koh Brothers Eco shares to Construction Consortium at 5.15 cents each.

Francis Koh, the Koh Brothers Group’s managing director and group CEO, as well as non-executive chairman of Koh Brothers Eco, stated: “Having identified emerging opportunities in the water and wastewater treatment and hydro-engineering sectors arising from an increased emphasis on water as a resource, Koh Brothers Group acquired a stake in Koh Brothers Eco in 2013.

Also Read: SG Dealbook:Tritech sells 29% in Terratech; In.Corp picks few verticals of Raffles Advisory

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.