Wednesday, June 26

Chaswood debuts on Singapore Exchange


SINGAPORE: Chaswood Resources Holdings Ltd (Chaswood), made its debut on the Singapore Exchange Securities Trading Ltd (SGX) Catalist Board yesterday, following the successful completion of its reverse takeover of Asia Silk Holdings Ltd.

Chaswood is one of the leading multi-concept casual dining operators in Malaysia and the exclusive franchisor of TGIF in Malaysia and Singapore and Watami in Malaysia.

Led by industry veteran, Andrew Reddy, managing director of Chaswood, the company currently has 13 brands and 42 restaurants, cafes and bars, serving up to five million guests annually.

The group reported revenue of RM112.3 million for FY2010, representing a Compounded Annual Growth Rate (CAGR) of approximately 23 per cent from FY2008 to FY2010.

Apart from holding the exclusive rights for TGIF, Watami and Bulgogi Brothers, it also owns and operates some of Malaysia’s leading food establishments such as Italiannies.

In March 2012, the group entered into a non-binding memorandum of understanding with Paradise Group Holdings Pte Ltd for the exclusive right to develop and operate Paradise Dynasty restaurants in Thailand.

Reddy said it was a significant milestone for Chaswood and the group to be listed on the SGX.

“This milestone not only demonstrates our successes thus far, but also signifies the start of our exciting journey to become one of the leading multi concept casual dining operators in South East Asia by 2015,” he said in a statement here.

Building on the listing, Chaswood has since embarked on a series of expansion plans with the aim to strengthen its regional footprint in existing and new regional markets.

This can be seen via the recently secured exclusive rights to develop and operate Bulgogi Brothers, a well-known Korean BBQ restaurant, in Malaysia, Singapore, Thailand and Indonesia.

The MOU with Singapore-based Paradise Group was also part of Chaswood’s robust expansion strategy to enhance its presence beyond Malaysia and Singapore.

With Asiasons as one of the major shareholders via Posh Corridor, Chaswood will also seek to leverage on its network to grow and expand the chain of restaurants in Malaysia and other key markets in South East Asia.

Commenting on Asiasons’ role in Chaswood’s expansion, Datuk Mohammed Azlan Bin Hasim, non-executive chairman of Asiasons said, “We have been assisting Chaswood in the development of its business strategy.

“We will continue to support them through our expertise and network in the financial sector to fortify its presence within the region and ultimately, maximise shareholders’ wealth.”

Chaswood believed there was potential for further brand expansion and development in the food and beverage industry. — Bernama