Iconic Singapore chili crab restaurateur JUMBO Group said on Thursday it entered a franchise agreement for its joint venture JD F&B to establish and operate a JUMBO Seafood restaurant in Gangnam, South Korea.
The opening of the first outlet is expected to be in the third quarter of this year, JUMBO said in a filing to SGX after the market close on Thursday.
The franchise agreement is for an initial term of five years and may be renewed for another five years, JUMBO said.
JD F&B is a joint venture between JUMBO’s indirect wholly owned subsidiary JUMBO F&B Services, or JFB, and South Korea-based TCI, which is a subsidiary of KOSDAQ-listed Didim, the filing said.
JD F&B, which is owned 50:50 by JFB and TCI, has paid-up share capital of 950 million South Korean won, or around S$1.14 million, JUMBO said.