DBE Gurney to jointly operate restaurants in Thailand with Farmmesh Foods

PETALING JAYA: DBE Gurney Resources Bhd (DBE) is teaming up with Thailand's Farmmesh Foods Co Ltd to open and operate quick service restaurant operations with Harumi fried chicken brand concept in Thailand.
In a filing with Bursa Malaysia, DBE said the partnership will form a strategic alliance with Farmmesh Foods to enhance its business activities by promoting HARUMi products via retail chains in Thailand.
It will also facilitate the operations of HARUMi signature restaurants in an overseas market, thus sustaining its business competitiveness and generate positive earnings for the group.
On Thursday, DBE's wholly owned subsidiary D.B.E. Poultry Sdn Bhd (DBE Poultry) entered into a memorandum of understanding (MOU) with Farmmesh Foods, which is involved in the retailing of meat and meat products.
Under the MOU, both parties agreed to operate Harumi Thailand through a joint venture arrangement with 30% ownership by DBE Poultry and 70% by Farmmesh Foods.
The expected investment cost is US$253,000 (about RM989,230) to be internally funded by DBE Poultry (US$76,000) and Farmmesh Foods (US$177,000).
The two parties aim to operate two Harumi standard and signature quick service restaurants by end of 2018, with the opening of the first standard quick service restaurant scheduled for early July 2018.
DBE's share price was unchanged at 3.5 sen on some 10.87 million shares done.