Jumbo Seafood restaurant in Singapore.
Jumbo Seafood, one of Singapore’s most popular restaurants, will open an outlet in Seoul this year in partnership with Korean restaurant chain operator Didim Inc.
Jumbo Seafood Group Ltd and TCI, a subsidiary of Didim, have agreed to establish a 50:50 joint venture “JD F&B” to operate a chain of restaurants including Jumbo Seafood in Korea, according to the Korean company on Sunday.
The joint venture will kick off operation by launching Jumbo Seafood’s first Korean branch in Dogok-dong, an affluent neighborhood in southern Seoul, in June. A TCI official said Jumbo Seafood in Dogok-dong will be a large-scale restaurant spanning nearly 1,000 square meters.
Starting with Jumbo Seafood, JD F&B will bring in world’s top restaurant brands to Korea as well as introduce Korean foods to the world, especially China, said Lim Jae-joon, TCI chief executive officer.
Jumbo Seafood`s black pepper and chili crab dish.
Jumbo Seafood, best known for its chili and black pepper crab dish, is one of Singapore’s most famous restaurants. As of 2018, it has 27 outlets across Asia including six in Singapore and has posted $153 million in revenue. It is listed on the Singapore stock exchange.
Didim started restaurant business in 1999 and joined the secondary Kosdaq stock market in August 2017. It posted 68.8 billion won ($61.2 million) in revenue 2017. It currently runs nearly 400 outlets across Korea and 34 overseas – which include both directly operated branches and franchised outlets - under about 20 brands. It is best known for Yeon-Ahn Sikdang, seafood restaurant brand that has recently opened its 130th outlet.
On Monday, Didim shares rose 0.71 percent to end at 3,530 won in Seoul trading. Jumbo Group stock is trading at 0.41 Singapore dollar ($0.31), down 0.005 Singapore dollar from the previous session, as of 2:27 p.m. local time in Singapore.
By Kim Gi-jung and Cho Jeehyun
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