SINGAPORE: Jumbo Group is set to open a seafood restaurant in Seoul by September this year, in its first foray into the South Korean market.
The new restaurant will help Jumbo, which is famous for its chili crab, expand its portfolio of brands to major cities in the region, the company said on Friday (Feb 15).
Besides its six outlets in Singapore, Jumbo also has restaurants in Shanghai, Beijing, Bangkok, and Ho Chi Minh, among others.
As part of the agreement, Jumbo will incorporate a 50:50 joint venture company with South Korean company TCI to establish and operate restaurants around the country.
TCI is a subsidiary of Didim, which owns about 20 brands and has more than 400 restaurants in South Korea and 34 outlets outside the country.
It is well known for its Magal BBQ and Yeon-Ahn Sikdang brands, which specialise in Korean barbecue and Korean seafood bibimbap respectively.
Mr Ang Kiam Meng, Jumbo Group CEO, said: “Over the years, our Jumbo Seafood brand has amassed strong support from tourists who hail from North Asia, especially from South Korea, the People’s Republic of China and Taiwan, and we are excited to have this opportunity to bring a part of Singapore’s heritage dishes to the South Korean capital."
He added they had been on the lookout for partners with “a strong track record”, and was happy to have joined with Didim.
“We believe that this joint venture will allow both parties to have the opportunity to leverage on each other’s expertise,” Mr Ang added.