SINGAPORE (June 18): F&B group No Signboard has acquired the remaining 20% stake in Danish Breweries as well as signed a franchise agreement to develop and operate Little Sheep restaurants in Singapore.

Danish Breweries owns its signature Draft Denmark brand as well as manufactures and distributes Draft Denmark lagers in Singapore. Established in 2014, Draft Denmark is distributed across around 300 outlets in Singapore comprising mainly pubs, coffeeshops and clubs. Draft Denmark sells 80,000 barrels or 2.4 million litres of lager annually in Singapore.

No Signboard subsidiary, Tao Brewery, entered into the sale and purchase agreement with Samuel Chen Shangming to acquire the remaining stake in Danish Breweries for a consideration of $400,000. Chen is an executive under No Signboard’s beer business.

The acquisition will be funded by the group’s IPO proceeds and is expected to be completed on Tuesday.

In a separate announcement, No Signboard has also entered into a franchise agreement to develop and operate Little Sheep restaurants in Singapore.

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Little Sheep is a well-known hot pot restaurant in China. Established in 1999 in Inner Mongolia, Little Sheep has over 280 outlets across China and the international markets including the United States, Canada and Japan, as of end Dec 2017. Of these 280 outlets, 270 of them are franchised.

The agreement will commence from June 18 for a period of 10 years. Under the terms of the agreement, No Signboard plans to launch one restaurant per year under the Little Sheep brand name and concept in Singapore in the first five years.

Shares in No Signboard closed at 15 cents on Monday.