Japan Foods extends long stop date for joint venture to bring ramen restaurant to Indonesia

Shares in Japan Foods Holding, which also owns Ajisen Ramen in markets including Singapore, Malaysia and Hong Kong, last traded unchanged at S$0.465 apiece on April 4.
Shares in Japan Foods Holding, which also owns Ajisen Ramen in markets including Singapore, Malaysia and Hong Kong, last traded unchanged at S$0.465 apiece on April 4.PHOTO: AJISEN RAMEN

SINGAPORE - Catalist-listed Japan Foods Holding on Monday night (April 16) said the long stop date for its joint venture (JV) with PT Arena Gourmet to develop its Japanese ramen restaurant under the Menya Musashi brand in Indonesia has been extended to May 14 this year, from April 16.

The restaurant operator, which runs Japanese ramen restaurant chains such as Ajisen Ramen and Menya Musashi in markets including Singapore, Malaysia and Hong Kong, had said in a previous announcement that completion of the JV is conditional upon approval of relevant authorities, obtaining of third-party consents where applicable, and the execution of a trademark licence agreement between Bachmann Enterprises and PT Menya Musashi Indonesia.

The extension was due to the "longer than expected time required for the fulfilment of these conditions precedents", Japan Foods Holding said.

Save for this extension, all other terms and conditions of the agreement remain unchanged, the company addded.

Shares in Japan Foods Holding last traded unchanged at S$0.465 apiece on April 4.