ThaiBev arm forms two new joint venture firms

It will also acquire the operator for Genki Sushi’s franchised business in Thailand.

Thai Beverage (ThaiBev) announced the incorporation of two new joint venture companies between its subsidiary F&N Retail Connection Co. (FNRC) and Hong-Kong based firm Japanese Dining Concepts Asia (JDCA).

FNRC and JDCA have formed Japanese Dining Concepts (Thailand) Co. (JDCT), of which FNRC holds 55% in JDCT whilst JDCA holds 44.9%. JDCT reportedly has a registered capital of $1.27m (THB30m) consisting of 3 million ordinary shares with a par value of $0.42 (THB10).

The second joint venture is Genki Sushi (Thailand) Co. (GST). JDCT holds 51% in GST whilst Genki Sushi Singapore (GSS), which is a wholly-owned subsidiary of JDCA, holds 48.99% and JDCA holds 0.00002%. GST has a registered capital of $2.12m (THB50m) consisting of 5 million ordinary shares with a par value of $0.42 (THB10).

According to the announcement, the cash consideration for the purchase of the sale shares was $404,956.88 (THB9.53m), paid in cash by GST to the vendors on the closing of the acquisition.

JDCA and FNRC will also acquire all of Genki Sushi Bangkapi (GSB), which operates the Genki Sushi franchised business in Thailand.