Beijing to get its first Jumbo seafood restaurant and taste of Singapore chilli crab

Beijing to get its first Jumbo seafood restaurant and taste of Singapore chilli crab

PC Lee
20/03/17, 11:14 pm

SINGAPORE (March 20): Jumbo Group on Friday entered into a joint venture agreement to open its first Jumbo Seafood restaurant in Beijing, China.

The latest Jumbo Seafood restaurant will be located within the Beijing SKP, one of the top high-end iconic, luxury and fashion shopping malls in Beijing and China.

“The restaurant’s privileged location enables us to reach out to the more affluent segment of the market, which is cosmopolitan in outlook and more adventurous in their culinary pursuits,” said Ang Kiam Meng, Group CEO and Executive Director of Jumbo in a Monday night filing.


The agreement was concluded between the Group’s indirect wholly-owned subsidiary, Jumbo F&B Services (Shanghai) Co. and Beijing Hualian (SKP) Departmental Store Co., a member of the Beijing Hualian Group.

JFB Shanghai will hold a 51% stake in the joint venture, while Beijing Hualian holds the remaining 49%.

Under the terms of the agreement, JFB Shanghai and Beijing Hualian will incorporate a joint venture company under the laws of China with a registered capital of RMB10 million ($2 million).

Slated for opening by the 3rd quarter of 2017, the new restaurant will be the latest addition to the Group’s Jumbo Seafood brand in China that currently includes three existing restaurants in Shanghai.

Ang added, "This will be our fourth restaurant in China. We intend to capitalise on our experience and knowledge in operating Jumbo Seafood restaurants in Shanghai and adapt these for our operations in Beijing.”

Shares of Jumbo closed 1 cent higher at 71 cents.

Sentifi - The Edge Markets Singapore - Top themes and market

Ryobi Kiso reverses out the red in FY2017 on absence of one-off losses

SINGAPORE (Aug 23): Ryobi Kiso Holdings posted earnings of $0.8 million for the full year ended June, swinging out from losses of $11.4 million a year ago. This was mainly due to the absence of a one-off items which amounted to other losses of $13.9 million a year ago. These comprised the one-off unrecoverable progress claim of $7.4 million that was written off, and the one-off impairment loss of goodwill of $5.6 million in relation to its Australia subsidiaries in FY2016. Revenue fell 24.2% to $144.8 million in FY2017, from $191.0 million a year ago. Revenue from bored piling operati....

iX Biopharma net losses for FY17 narrow to $7.4 mil

SINGAPORE (Aug 23): iX Biopharma, the specialty pharmaceutical company, reported net losses for FY17 ended June narrowed to $7.4 million from losses of $7.7 million a year ago. Revenue rose 10% to $6.4 million. The group currently derives its main source of revenue from the chemical analysis business which saw an 11% rise to $6.3 million from $5.7 million. Revenue from specialty pharmaceutical fell 52% to $49,000 from $103,000. Despite increased activities, iX Biopharma says expenses remained well-managed. For the full financial year, R&D expenses came in at $4.81 million in FY17 ....

AusGroup says AMJV awarded extension of works on Ichthys Project Onshore LNG Facilities worth $178 mil

SINGAPORE (Aug 23): AusGroup today announced that AMJV has been awarded an extension of works on the INPEX-operated Ichthys LNG Project by JKC Australia LNG worth A$165 million ($177.9 million). See: AusGroup subsidiary wins contract for INPEX-operated Ichthys project AMJV is a joint venture between AGC Industries, a subsidiary of AusGroup, and Meisei Industrial. The scope of work for subcontract that was initially awarded in 2014 has been increased to include further painting, surface protection, fireproofing and insulation works for the onshore facilities near Darwin, Australia. ....