On the same day, Tung Lok Millennium and Camo Café & Bar entered into a joint management agreement with Safra National Service Association under which Tung Lok Millennium and Safra will jointly manage the casual dining restaurants to be operated by Camo Café & Bar.

Under the joint management agreement, Tung Lok Millennium will subscribe for all the shares in Camo Café & Bar such that the latter will have an initial issued and paid-up capital of $1,000 over 1,000 shares. The payment will be funded using internal resources.

Safra will also grant initial loans to Camo Café & Bar. The loans will be equivalent to the issued and paid-up capital of Camo Café & Bar as subscribed for by Tung Lok Millennium from time to time. Camo Café & Bar will only repay such initial loans from Safra upon the termination of the joint management agreement or when Tung Lok Millennium recovers its invested share capital in Camo Café & Bar.

Both Tung Lok Millennium and Safra are obligated to grant unsecured and interest-free loans to Camo Café & Bar in equal proportions when needed.

Safra will also be entitled to 50% of the profits after tax from Camo Café & Bar’s business.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/fb-sector/foodpandas-owner-confirms-negotiations-regarding-potential-sale-selected-southeast?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Foodpanda’s owner confirms negotiations regarding potential sale in selected Southeast Asian markets</a></b></span>

The first outlet under Camo Café & Bar will be located at Safra Choa Chu Kang.

Shares in Tung Lok closed at 12 cents on March 21.

Tung Lok incorporates new café, enters into joint management agreement with Safra

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