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| Expands into Quick Service Restaurant Chain in China With High Quality Food at Affordable Price |
HONG KONG, Nov 3, 2014 - (ACN Newswire) - Gayety Holdings Limited ("Gayety" or the "Company"; Stock Code: 8179), a local multi-branded Chinese restaurant group offering specialized menus and catering for large-scale wedding banquets and events, is pleased to announce that it has entered into a non-legally binding memorandum of understanding with the legal owner (the "vendor") of Guangzhou Doreme Catering Management Limited ("Doreme") for the acquisition of 51% of the equity interests in Doreme. Leveraging on Doreme's extensive fast food chain network in mainland China, Gayety sets to further expand its business scope, broaden its income source as well as diversify its business portfolio.
Doreme is principally engaged in the operation of a quick service restaurant chain in the PRC. As of 3 November 2014, Doreme has 12 direct and 145 franchise stores located in various provinces in the PRC, covering Anhui, Guangdong, Hubei, Hunan, Inner Mongolia and Zhejiang. Offering an extensive range of Chinese and Western food that appeals to the Chinese taste buds, Doreme has maintained a reputation of delivering high quality food in speedy manner and at affordable prices.
Mr Wong Kwan Mo, Chairman of Gayety, said, "Always looking for investment opportunities to diversify our business portfolio and broaden our income source, we see an infinite business and growing potential in the catering market in the PRC. The acquisition marks an important step of our venturing into the fast food market in China. Riding on our success in operating a number of renowned local Chinese catering brands in Hong Kong, we believe the acquisition will be synergistic with our existing businesses. Looking forward, we are confident that the extensive store network, flexible adaptability to market changes and affordable yet quality food of Doreme will help us promptly expand our presence in the Chinese market, bringing long-term and strategic benefits to the Company and enhancing value to the shareholders."
Contact:
One PR Limited
Tel: +852 2592 7223
Email: inquiry@onepr.com.hk
Topic: Press release summary
Source: Gayety Holdings Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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