Singapore F&B chain Old Chang Kee is forming a JV in the UK so it can expand and build its brand there, primarily in London.
With Singapore company 13 Wonders, which is mainly involved in the general wholesale trade and food retail, it is forming Old Chang Kee UK (OCK UK), which will be a direct subsidiary of Old Chang Kee. Its initial paid-up share capital of £500,000 (US$608,400) comprises 500,000 shares.
Under the agreement, Old Chang Kee and 13 Wonders will hold 60 and 40 per cent respectively of the shareholding interest in OCK UK, which will run food retail outlets as well as manufacture, distribute and trade food products in the UK.
Old Chang Kee started in 1956 in a stall in a coffee shop near the former Rex Cinema in Mackenzie Road, attracting people from all over Singapore with its curry puff. The brand was bought in 1986 by Han Keen Juan who evolved it into a fast-food chain with its own production factory. Old Chang Kee now markets its range of snack products, including its signature curry puffs, through kiosks and retail outlets at petrol stations and shopping malls.