KUALA LUMPUR: Berjaya Food Bhd is expanding its Kenny Rogers Roasters (KRR) brand into Indonesia after it inked a joint venture (JV) agreement with three Indonesian companies to develop and operate the franchise.
It said on Tuesday, July 26 that it had entered into a conditional JV agreement with PT Mitra Samaya (MS), PT Harapan Swasti Sentosa (HSS) and PT Boga Lestari Sentosa (PT Boga) to operate the franchise in Java island and Bali, Indonesia under PT Boga.
It said the proposed JV would enable it to venture into Indonesia and to grow the KRR brand in a country with a growing economy and large population.
Berjaya Food said that as part of the JV term, it would assign all its rights to its wholly owned subsidiary to be formed under the name Berjaya Food (International) Sdn Bhd (BFI) to facilitate the implementation of the JV.
BFI will be the immediate holding company of PT Boga, it said.
Berjaya Food via BFI will then acquire 11,220 PT Boga shares representing 51% equity interest in the enlarged share capital of PT Boga from MS and HSS for RM1.91 million.
It said on Tuesday, July 26 that it had entered into a conditional JV agreement with PT Mitra Samaya (MS), PT Harapan Swasti Sentosa (HSS) and PT Boga Lestari Sentosa (PT Boga) to operate the franchise in Java island and Bali, Indonesia under PT Boga.
It said the proposed JV would enable it to venture into Indonesia and to grow the KRR brand in a country with a growing economy and large population.
Berjaya Food said that as part of the JV term, it would assign all its rights to its wholly owned subsidiary to be formed under the name Berjaya Food (International) Sdn Bhd (BFI) to facilitate the implementation of the JV.
BFI will be the immediate holding company of PT Boga, it said.
Berjaya Food via BFI will then acquire 11,220 PT Boga shares representing 51% equity interest in the enlarged share capital of PT Boga from MS and HSS for RM1.91 million.
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