Investors / Newsroom
News

Joint Venture With Club Developers To Operate 3 Food & Beverage Outlets At The Arena Country Club In Jurong

BackJul 25, 2001
The Board of Directors of Tung Lok Restaurants 2000 Limited ("Tung Lok" or the "Company") wishes to announce that the Company has entered into a Joint Venture agreement with Excalibur Asia Pacific Pte Ltd ("Excalibur") to manage and operate three food and beverage outlets at The Arena Country Club in Jurong.

The JV company, Tung Lok Arena Pte Ltd, will have an issued and paid-up capital of S$300,000. Tung Lok will own 70% of the capital while Excalibur will own the remaining 30% under Excalibur Asia Pacific Pte Ltd. As Excalibur Resort (S) Pte Ltd, the developer of the club, will provide all the operating facilities and renovation costs of the outlets, the total investment of this project is only S$300,000.

The JV company will operate a seafood restaurant, a caf? and a bar at the club by mid August 2001. In addition, the JV company will also act as caterer to all banquets held at the Club.

Tung Lok Arena is the second JV announced by the Tung Lok Group since its IPO in March.

Tung Lok will finance the subscription of the shares in Tung Lok Arena from its IPO proceeds.

None of the Directors or substantial shareholders of the Company have any direct or indirect interest in the joint venture transaction, save their shareholdings in the Company. The transaction is also not expected to have any material effect on the net earnings per share or net tangible assets per share of the Company for the financial year ending 31 December 2001.