D.B.E. Gurney Resources Bhd’s subsidiary, D.B.E. Poultry Sdn Bhd (DBEP) has on May 23, 2018 entered into a joint venture agreement with Farmmesh Foods Co LTD (FFCL) to open and jointly operate Quick Service Restaurant operations with Harumi™ fried chicken brand concept in Thailand.
The deal is following a Memorandum of Understanding signed between the parties on March 8, 2018.
DBEP will hold a 30% interest in Super Harumi Thailand, while FFCL will take the remaining 70%. DBEP will inject an initial capital of RM37,000 into the joint venture, along with providing training and the running of the business.
DBE Gurney said the JV business will enable it to expand its retailing business through HARUMi products and allow it to expand to Thailand following its early expansion into Taiwan, in addition to the existing outlets in Malaysia.
The stock trading half a sen lower at three sen with some 1.3 million shares changing hands.