Techna-X to buy Chinese firm with TGI Fridays’ rights in Beijing
Dec 25, 2020
Techna-X Bhd (TechnaX) plans to acquire Chaswood Restaurant Management (Beijing) Co Ltd, which has the rights to operate and market restaurant brand TGI Fridays in Beijing, China.
KUALA LUMPUR: Techna-X Bhd (TechnaX) plans to acquire Chaswood Restaurant Management (Beijing) Co Ltd, which has the rights to operate and market restaurant brand TGI Fridays in Beijing, China.
TechnaX, through wholly-owned Craveat International Sdn Bhd, is currently operator of TGI Fridays for Malaysia as well as proprietary owner of the Teh Tarik Place brand following the acquisition of Craveat in October 2019.
TechnaX said this was part of the group’s strategy to acquire world renowned brands to complement its digital platform rollout while showcasing how its technologies would be able to enable the growth of brick and mortar business models.
“The Beijing acquisition will put TechnaX in total ownership of two TGI Fridays outlets currently in operation in Beijing as well as expanding its Teh Tarik Place brand in China,” it said.
TechnaX executive director Datuk Jared Lim said this would be the group’s first step towards its F&B business expansion into China not just with TGI Fridays but also Teh Tarik Place franchise model.
Lim said the development of the various technologies and analytics would support the growth of TecnaX’s technologically-driven F&B model.
“The group is right on track to achieve our business goal to expand our reach into new markets such as China.
“TGI Fridays is recognised as the leading American casual dining brand in Beijing.
“Acquiring this now gives TechnaX the opportunity to work on this brand and its success in the metropolitan with two outlets already in operation for over the past 20 years,” he said.
To take advantage of the fast-growing F&B market potential, TechnaX plans to open new outlets over the next three years.
In Beijing, TechnaX plans for three new TGI Fridays outlets while in Malaysia, it has its sights on opening 10 new restaurants in the Klang Valley, Penang, Johor and Sabah.
Lim said the acquisition would contribute to TechnaX Group’s upcoming financial performance.
“Currently, we already have our renewable energy storage division, the supercapacitor manufacturing business in Guangxi, China.
“This acquisition will accelerate TechnaX’s efforts to expand beyond Malaysia’s shores and is a step closer to achieving the 100 outlets, RM100 million revenue target within the next three years for the F&B division,” Lim added.
Source: New Straits Times