Kuala Lumpur, 14 December 2017,
OldTown Bhd, which is in the midst of a RM1.47 billion takeover bid by global coffee maker Jacobs Douwe Egberts BV, is expanding its Oldtown White Coffee restaurant chain to Cambodia.
In a filing with Bursa Malaysia, Oldtown said its wholly-owned subsidiary Kopitiam Asia Pacific Sdn Bhd has entered into a master licence agreement with Cambodia-based Biniton Food & Beverage Co Ltd and its chairman Bun Khang, granting them the exclusive right to operate the restaurant business there.
The main business of Biniton includes retail sale of food, beverages and tobacco in specialised stores. OldTown said the term of the agreement is for five years, commencing Dec 14, 2017, with an option to renew for two consecutive terms of five years each.
Under the deal, Biniton and Bun are scheduled to open its first Cambodia outlet by the second quarter of 2018.Oldtown shares fell one sen or 0.32% to close at RM3.08 today, with 1.27 million shares done, giving it a market capitalisation of RM1.43 billion.
Read more at : http://www.theedgemarkets.com/article/oldtown-expands-cambodia-franchise