A new collaborative effort between Focus Dynamics Group Bhd. and in Oversea Enterprise Bhd.
On 6th October, both parties signed a Heads of Agreement (HOA) which signified their new embarkment on a collaborative effort. The HOA includes an ambitious international expansion plan and brand enhancement strategy for the Oversea restaurant brand. Both parties involved will execute a series of plans to expand the international network of new-age Chinese restaurants under the Oversea banner. Moreover, under the new agreement, both parties will be sharing their resources, skills. investment and experience.
Following its partnership with Focus Dynamics Group Bhd, shares in Oversea Enterprise Bhd increased over 11% in early trade Wednesday. Besides that, the Chinese restaurant outlet chains rose 11.2% or seven sen to 69.5 sen.
The pioneer in the expansion of cloud kitchens in Malaysia- Focus Dynamics Group Bhd.
Malaysian food and beverage company Focus Dynamics Group Bhd. is famous for its novel food and beverage concepts by combining dining with entertainment and lifestyle. Recently, the ACE-market listed company has been shifting their focus to cloud kitchens, a fast-growing business model. The company hopes to jump on the bandwagon due to the increasing popularity of app-based food delivery. As such, it plans to set up 25 cloud kitchens at Persoft Tower in Petaling Jaya town and establish a new food delivery platform shortly.
The age-old Chinese restaurants in Malaysia – Oversea Enterprise Bhd.
On the other hand, Oversea restaurants are a chain of food service outlets that venture into Hong Kong styled food. Aside from the operation of food service outlets, the company also taps into the manufacturing of confectioneries particularly moon cake since 1986. As of now, the company has successfully exported their finished products to different foreign countries, including the United States, Australia, New Zealand, Indonesia, Hong Kong, Canada, Macau, Papua New Guinea and the Netherlands.
The new agreement to expand the international presence of Oversea restaurants
Yu Soo Chye, Founder and Group Managing Director of Oversea expressed his gratitude to all the Oversea restaurants’ customers. In fact, most existing patrons of Oversea restaurant span across three generations. He hoped that the new collaborative undertaking would see new technological and digital F&B trends to be incorporated into the daily operations of the food outlets.
The agreement also included the formation of a collaborative brand named “EMP by Oversea” under Focus Dynamics and Oversea. The aspiring undertaking entailed establishing 8 new international restaurants in major cities around the world. The cities included in the list are New York, Las Vegas, London, Paris, Sydney, Shanghai, Hong Kong and Singapore. Benson Tay, the Executive Director of Focus Dynamics said these locations are excellent for their urban sophistication and diversity.
New plans to enhance the manufacturing and distribution network of Oversea products
In terms of the manufacturing of confectioneries by Oversea, Benson also revealed that customers from Focus Dynamics have been very supportive of the specially bundled mooncake packages from Oversea. Based on his opinion, he believed that such indirect collaboration had already started even before the signing of HOA. However, he added that more plans are in the pipeline to enhance the manufacturing and distribution network of Oversea products. In the long run, the agreement would expand the existing Oversea’s catering and banquet business. Eventually, the collaboration would tap into the fast-growing food delivery industry.
Soon, both parties would identify the 4 key strategic spokes in the HOA. They have committed to finalize a commercial agreement on the quantum of investment in these 8 restaurants.
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