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SINGAPORE (Oct 8): No Signboard Holdings has secured an exclusive master franchise agreement with Haimarrow Food Service and HFS Global to develop and operate South Korean restaurant chain Mom’s Touch Chicken and Burger restaurants in Singapore and Malaysia.
Mom’s Touch set up its first store in 2004 in South Korea and now has more than 1,100 stores across South Korea and is established in the US, Taiwan and Vietnam.
The agreement will start on Jan 2, 2019, or earlier should the first outlet be opened prior, for a period of 10 years with an option to renew for another 10 years.
The group aims to, on its own and/or find suitable sub-franchisees, launch eight Mom’s Touch restaurants across Singapore and Malaysia within the first three years of the agreement.
This agreement is in-line with the group’s long-term strategy to diversify its restaurant portfolio and provide its customers with a wider choice of quality cuisine.
Sam Lim, executive chairman and CEO of No Signboard, says, “areas. It has always been No Signboard’s mission to expand our restaurant portfolio to cater a variety of cuisine to a larger target of consumers with different demographics and taste preferences. Given our strong foundations and extensive network in the food and beverage sector in Singapore, we are very grateful that Haimarrow has entrusted us with the Agreement to expand Mom’s Touch in Singapore and Malaysia through sub-franchisees.”
Shares in No Signboard closed 1.3 cents of 7.51% lower at 16 cents on Monday.