CPF’s Food Chain Expansion, Signing 60% Acquisition of Korean Restaurant “Dak Galbi”
CPF has signed an agreement to acquire 60% of Korean restaurant “Dak Galbi” with the first investment of THB 55 million.
Charoen Pokphand Foods Public Company Limited (CPF) has made an announcement for the execution of the agreement for the shares subscription and investment in Dak Galbi Group Co., Ltd., which engages in hot Korean stir fry restaurant offering real-time cooking in front of its customers with 10 branches in Thailand.
CPF, through its subsidiary CPF Restaurant and Food Chain Co., Ltd. (CPF RF), signed the agreement for the THB 55 million subscription of newly issued ordinary shares in Dak Galbi Group Co., Ltd. CPF will indirectly hold 41.35% of total shares of Dak Galbi through CPF RF.
Afterward, CPF RF will make the second investment with the value referred to 5.7 times of 2019 EBITDA excluding interest income according to the audited financial statement ended December 31, 2019 (2019 EBITDA) less liabilities including loans from shareholders, directors, banks, financial institutions, accrued interests (if any) and other borrowings less cash and bank deposit as recorded in the audited financial statement ended December 31, 2018.
Dak Galbi and its existing shareholders agree that CPF RF will finally hold 60% of the total issued shares of Dak Galbi.