Investor Relations

Tung Lok Restaurants (2000) Pte Ltd ("Tung Lok Restaurants"), one of Singapore's leading innovative restaurant groups, today February 21, 2001, announced that it has received in-principle approval for a SGX-SESDAQ listing on the Singapore Exchange.

For over 20 years, the Tung Lok Restaurants Group has been engaged in providing a diverse range of high quality cuisines, ranging from Beijing, Cantonese, Hunan, Sichuan, modern Chinese and seafood, to vegetarian and east-west fusion cuisines, featuring interesting menu items and catering to a wide variety of tastes. Each of the Group's restaurants offers a variety of dining concepts targeted at different market segments of discerning consumers, from budget conscious individuals to high-income earners.

The Group is also involved in the operation of a food processing plant which manufactures 'dianxin' and 'dianxin' ingredients, festive foods such as mooncakes and processed barbecued pork, cakes and pastries for special occasions such as weddings, newbirths and birthdays, and distributes to restaurants within the Group, as well as to other selected restaurants. In addition, the Group provides catering services to third parties and restaurant management services to its own restaurants and other selected restaurants.

The Group opened its first restaurant, Charming Garden, in October 1980, at the then Orchid Inn (now known as Copthorne Orchid Singapore). Following the success of Charming Garden, the Group started to introduce other types of cuisine to cater to the varied tastes of its customers. In January 1984, the Group opened Tung Lok Shark's Fin Restaurant (now known as Tung Lok Restaurant) at Liang Court, specialising in shark's fin, Cantonese cuisine, dianxin (bite-sized Cantonese snacks normally served during early afternoon) and other seafood delicacies.

The Group continued its aggressive expansion with the opening of new restaurants across Singapore, with Grand Pavilion in May 1988, The Paramount in July 1990, Lingzhi Vegetarian in January 1991, Noble House in May 1991 and Kippo Pavilion in September 1994. October 1996 marked the opening of the Group's first Chinese theme restaurant, Lao Beijing, which re-creates the ambience of a typical Beijing-style teahouse offering characteristic Beijing fare. In November 1997, the Group opened Club Chinois, acknowledged as Singapore's first contemporary Chinese restaurant, at Orchard Parade Hotel. Club Chinois, also a theme Chinese restaurant, offers 'modern Chinese food' which complements the Singapore Tourism Board's call on restaurants and hotels to promote and develop Singapore as the 'New Asia'. The Group's other theme restaurant in addition to Club Chinois, is The Red Book.

Continuing on its expansion strategy, the Group opened the upscale seafood restaurant Tung Lok Seafood Gallery in April last year, followed by Jade, which serves Cantonese cuisine, at The Fullerton Hotel in December 2000.

Said Mr Andrew Tjioe, Managing Director of Tung Lok Restaurants, "The success of our restaurant group hinges largely on our ability to interpret food trends and offer menus, ahead of our competitors, that appeal to a variety of tastes but all with the same quality standards, both in terms of food and service. In many ways, we have been the first movers among restaurants in Singapore, always searching for creative ways to enhance the complete dining experience. We have been in the business for over 20 years and we see greater opportunities to further strengthen our position as a leading restaurant group in Singapore."

The Group's 12 restaurants have been acknowledged not only by its loyal customers but by international food connoisseurs and renowned gourmets, having received numerous accolades for excellent cuisines and customer service. Most notable is Club Chinois, which has since won numerous accolades, such as being voted in Singapore Tatler's Best Restaurants List since 1999 and clinching the "Best Wine List" award in the Asian category by Wine and Dine in 2000. In addition, from the year since its inception, Club Chinois has been one of the hosting venues for the prestigious World Gourmet Summit for three consecutive years in July 1998, July 1999 and April 2000, at which world famous master chefs from around the world were featured.

Expressing delight at the receipt of in-principle approval for Tung Lok Restaurants' impending listing, Mr Tjioe added : "We have come a long way since we opened our first restaurant and this is a significant achievement for us. Through the years, we have never wavered in our commitment to offering the best food in the finest Chinese and Asian tradition and never shied away from taking bold and creative steps to move with the times. With our listing, we are taking another leap forward and entering a new phase of growth for the Group."

For the financial year ("FY") ended December 31, 1999, the Group recorded a turnover of S$41.0 million and a profit before tax of S$4.0 million. For FY2000, the Group registered a turnover of S$49.7 million and a profit before tax of S$4.5 million.

Oversea-Chinese Banking Corporation Limited has been appointed the Manager for Tung Lok Restaurants' initial public offering.