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.
Koh Brothers merging subsidiaries in restructuring exercise
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.