Koufu Group subsidiary enters JV to expand tea concept in Indonesia
The group has reported a 52.3% YoY increase in net profit to SG$7.1m (US$5.2m) in Q3.
Koufu Group has announced its subsidiary Super Tea Pte. Ltd. has entered into a joint venture (JV) with Indonesian investment company PT. Berkah Cipta Adirasa to further expand the namesake concept in Indonesia.
According to the group’s SGX announcement, the joint firm has IDR 10bn (US$715.7m) in initial shared capital with Super Tea controlling the majority stake at 55%. Also, the tea company subscribes for 55% of the equity interest in the JV for a cash consideration of IDR 5.5bn (US$393.7m).
PT. Berkah Cipta Adirasa, which businesses range from textile to food, can acquire further Super Tea shares constituting up to 15% of the total JV share capital.
Moreover, the JV company’s board shall comprise four directors, whilst each shareholder shall appoint two directors and any majority shareholders will be appointing the President Director.
Koufu Group, which operates food courts, coffee shops and tea concepts, has reported a 52.3% year-on-year increase in net profit to SG$ 7.1m (US$5.2m) in Q3.
