Restaurant operator inks meaty deal
Company gets licence to open and manage South Korean barbecuedmeat outlets
CHASWOOD Resources Sdn Bhd, one of Malaysia’s leading multi-concept restaurant operators completed the signing of a licence agreement with top South Korean casual dining chain, Bulgogi Brothers recently to open and manage its restaurant chains in four Asean countries.
The agreement grants Chaswood exclusive development rights to operate Bulgogi Brothers outlets in Malaysia, Singapore, Thailand and Indonesia.
Chaswood will invest Rm30mil for the development of 20 stores in the said countries by 2018.
Present at the agreement signing ceremony were Minister and deputy chief of mission of the South Korean Embassy in Kuala Lumpur Yoon Sang Soo, and Korean Chamber of Commerce chairman Kim Oh Young.
Speaking at the signing ceremony, which was held at Bedroom, Pavilion Kuala Lumpur, Chaswood Resources managing director Andrew Reddy said, “We are very proud to have clinched this deal with one of South Korea’s most well known and successful restaurant brands to open and manage their restaurants in four countries including Malaysia. The inclusion of Bulgogi Brothers into our fold will further strengthen Chaswood’s standing as a leading multi-concept restaurant operator, not only in Malaysia, but also the region”.
“This is by far the biggest development rights agreement for the Bulgogi Brothers, outside of South Korea, and we are proud that the rights now belong to a Malaysian firm.
“We are excited at the prospect of growing Chaswood’s chain of restaurants in the region whilst assisting Bulgogi Brothers to broaden their regional footprint across South-east Asia with their trademark Korean cuisine. With both companies’ vast experience in the F&B industry, we are confident that this partnership will be a successful one,” added Reddy.
Through the terms of the agreement, Chaswood will open a total of 20 stores in the four countries, starting with the first outlet in
We believe the Bulgogi Brothers brand will thrive under the stewardship of Chaswood’s experienced management team.
— INTAE JUNG
Malaysia, which is targeted to open by the third quarter of this year, giving locals and tourists alike the opportunity to enjoy the authentic taste of Korean barbecued meat, which was once reserved for royalties, in a comfortable casual dining setting.
Bulgogi Brothers chairman Intae Jung said the agreement was a strategic move by the company to secure regional growth at the fastest rate possible.
“As the largest multi-concept restaurant operator with over 40 thriving outlets, we believe the Bulgogi Brothers brand will thrive under the stewardship of Chaswood’s experienced and innovative management team and be driven to greater heights,” he said.
Bulgogi Brothers was established with its first outlet opening in Gangnam, South Korea in 2006. Since then, the South Korean chain has opened some 35 restaurants including two in the Philippines.
With potential investors already indicating interest to open outlets in Canada and the United States, Bulgogi Brothers is on track to globalise barbequed Korean cuisine and set to go public on the KOSPI by 2016.
During the event, Bulgogi’s executive chef, Chanbu Jeong took the media and guests through a food presentation and sampling to give them a better understanding and appreciation of Bulgogi’s authentic Korean dishes.
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