Our Business

ABOUT / OUR BUSINESS
Owner & Operator
Management Consultancy
Franchise Opportunities
Manufacturing
 
Investors / Newsroom
News
Announcements

Tung Lok Announces Fresh Management Contracts In Indonesia And India

BackMay 10, 2004

The Board of Directors of Tung Lok Restaurants (2000) Ltd ("Tung Lok" or the "Company") wishes to announce that its wholly owned subsidiary Tung Lok Millennium Pte Ltd ("Tung Lok Millennium") has entered into:

1) a management contract with PT Cakrawala Citramega Multifinance ("PT Cakrawala") to manage a restaurant in Medan, Indonesia.

      PT Cakrawala, which is owned by a group of Indonesian businessmen, will operate a 300-seat restaurant and a banquet hall with a seating capacity of 600 by August, offering traditional Chinese cuisine and seafood.

This is the fourth management contract which Tung Lok has secured in Indonesia.

2) a management contract with The Mandarin Group to operate a modern Chinese cuisine in Mumbai, India.

      The Mandarin Group, which is owned by Mr. Henry Tham, a well-known restaurateur and Indian national of Chinese descent, will operate a 100-seat modern Chinese restaurant in the heart of the business district in Mumbai, the most populated metropolis of India.

      Tung Lok will train Indian chefs in Singapore for two months before sending chefs and managers to launch the new restaurant which will replace a traditional Chinese restaurant previously owned and managed by the Mandarin Group.

The Company has also commenced discussions with business groups and hotel operators in India with a view to increasing the number of management contracts or possibly forming joint-ventures to run restaurants in the country.

With the latest two contracts secured in Medan and Mumbai, the Tung Lok Group now has a total of six management contracts - one in Singapore, four in Indonesia and one in India.

The above transactions are not expected to have any material impact on the net tangible assets per share or earnings per share of the Company for the financial year ending 31 December 2004.

None of the directors and so far as the directors are aware, none of the controlling shareholders or substantial shareholders of the Company has any interest, direct or indirect, in the above transactions.


By Order Of The Board

Tjioe Ka Men
Managing Director
10 May 2004