Thai Beverage enters joint ventures with Genki Sushi parent

Plastic sushi keychains at Japan-based DaisoPlastic sushi keychains at Japan-based Daiso

Thai Beverage said late on Sunday that it was forming two joint ventures with Japanese Dining Concepts (Asia), or JDCA, the franchiser of Genki Sushi.

The two companies will also acquire all of Genki Sushi Bangkapi (GSB), which operates the Genki Sushi franchised business in Thailand, Thai Beverage said in a filing to SGX on Sunday.

Hong Kong-based JDCA and F&N Retail Connection (FNRC) have formed a joint venture called Japanese Dining Concepts (Thailand), or JDCT, which is incorporated in Thailand.

FNRC will hold 55 percent of JDCT, while JDCA holds 44.999967 percent and Genki Sushi Singapore (GSS), which is wholly owned by JDCA, will hold the remainder, the filing said.

JDCT has a registered capital of 30 million Thai baht (S$1.27 million or around US$941,000), consisting of 3 million shares at 10 baht each, ThaiBev said.

The second joint venture is Genki Sushi (Thailand), or GST, which is incorporated in Thailand, the filing said. JDCT will hold 51 percent of GST, while GSS will hold 48.99998 percent, and JDCA will hold the remainder, it said.

GST has a registered capital of 50 million baht, considering of 5 million shares at 10 baht each, it said.

In addition, GST acquired 159,998 shares of GSB, while JDCA and GSS have acquired one share each, for a total 9.53 million baht, Thai Beverage said.

FNRC is jointly owned by Thai Beverage and Thai Beverage’s associated company F&N.


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