Singapore’s Jumbo restaurant group and Siji Minfu, a well-known Chinese roast duck brand, are joining forces to introduce Siji Minfu’s famous Peking duck to Singapore. This collaboration will see the first international establishment for Siji Minfu.
The upcoming joint restaurant will be located at Resorts World Sentosa, featuring an interior design influenced by Beijing’s classic courtyard architecture. The restaurant’s menu will highlight traditional Peking duck and a variety of northern Chinese dishes.
Siji Minfu currently operates over 20 locations throughout China, with outlets in places such as Wangfujing and Qianmen Street in Beijing.
Jumbo perceives this partnership as a strategic opportunity to strengthen its relationship with Siji Minfu and take advantage of the expanding global food and beverage industry in Singapore.
This joint venture aligns with Jumbo’s ongoing efforts to broaden its brand portfolio and diversify its food and beverage offerings. Jumbo, famed for its chili crab at Jumbo Seafood, already operates in multiple Chinese cities, including Shanghai, Beijing, and Fuzhou.
The collaboration is set for an initial five-year term, with the possibility for automatic extension or renewal through a mutual agreement. The joint venture will be structured with an issued share capital of US$1.5 million, with Siji Minfu owning a 90 per cent stake and Jumbo the remaining 10 per cent.
The Siji Minfu outlets in China will continue to operate independently from this joint venture.
Jumbo has announced that the investment will be financed through internal resources and is not expected to significantly affect its net tangible assets or earnings for the financial year ending September.
What is the main focus of the joint venture between Jumbo and Siji Minfu?
The joint venture primarily aims to introduce Siji Minfu’s signature Peking duck to Singapore through a new restaurant.
How long is the initial term for the joint venture?
The initial term for the joint venture is set for five years, with the potential for extension or renewal through mutual agreement.
How will the investment for this collaboration affect Jumbo’s financial status?
The investment will be financed through Jumbo’s internal resources and is not predicted to have a significant impact on its net tangible assets or earnings for the financial year ending in September.
