No Signboard Holdings
Food and beverage operator No Signboard Holdings, well known for its seafood eateries, has snagged an exclusive master franchise deal to sell Korean-style fried chicken in Singapore and Malaysia.
The arrangement with Haimarrow Food Service and HFS Global, announced yesterday, will give No Signboard the right to open eateries under the South Korea-based Mom's Touch Chicken and Burger brand.
No Signboard plans to open the first store in Malaysia next year, and launch another seven stores on either side of the Causeway within the first three years of the agreement - either on its own or with suitable sub-franchisees.
The rights last for 10 years, starting from next Jan 2 or the opening date of the first restaurant, whichever is earlier. After that, there is an option to renew the franchise for another decade.
The group said the franchise agreement was in keeping with a long-term strategy of diversifying its portfolio.
It is not expected to have any material impact on the group's net tangible assets or earnings per share for the year to Sept 30, the board said in a separate announcement.
The Mom's Touch move is the latest in an expansion spree at No Signboard, which debuted on the Catalist board in November last year. In June, it said it would consolidate its stake in Danish Breweries, which makes Draft Denmark. The same month, the group inked a franchise deal for hotpot chain Little Sheep, and unveiled plans for a quick-service restaurant dishing up Asian burgers.
Foreland Fabrictech Holdings
Foreland Fabrictech executive chairman Yang Meng Yang has ceded the position to his father-in-law, several months after the last of the company's independent directors resigned.
Mr Yang will stay on as an executive director, according to a board statement yesterday.
Mr Huang Min, who is the father of Mr Yang's wife Huang Wen, became executive director and executive chairman on the same day.
Ms Huang is a substantial shareholder, with a 29.5 per cent stake in the company.
Mr Huang and Mr Yang are the only remaining members of the Foreland Fabrictech board. Three independent directors left in July, saying they were leaving "to pursue other interests". Another independent director resigned for the same reason last November.
Foreland Fabrictech has been embroiled in court proceedings in China over the repayment of a loan. Trading in Foreland Fabrictech shares has been suspended since December 2016.