Hong-Kong based restaurant chain owner Toridoll Holdings has sold its Teriyaki Japan business in Kenya.
The firm has offloaded its 90 per cent shareholding to its local Kenyan partner Roroma Ltd following a performance well below expectations. While the rapid economic growth and population increase in Kenya had initially attracted the investment, fierce competition with other operators selling Japanese cuisine proved too tough a challenge to surmount.
The share sale was exempted from provisions of Kenya’s Competition Act that would have restricted the total share transfer had the business turned over in excess of US$9.95 million. The firm made just $9000 in 2016.
Inside Retail Hong Kong