KUALA LUMPUR: HRC World Plc will take a stategic stake in Yong Tai Bhd's unit PTS Impression Sdn Bhd which is involved in the development of the tourism stage performance Encore Melaka.
Yong Tai, which is a tourism and cultural related property developer, said on Tuesday PTSI had inked an MoU with HRC Music Plc – a subsidiary of HRC World – to formalise their intention and understanding in relation to the proposed investment by HRC World in PTSI.
Under the MoU, HRC Music will subscribe up to 70% stake in PTSI at a subscription price to be determined later.
HRC World is listed on Nasdaq First North in Copenhagen where it has served as an important growth platform, enabling Nordic and international entrepreneurs to access growth capital to develop and expand their businesses.
HRC World's core activities are providing strategic restaurant management services for restaurant chains across China and other parts of Asia as well as audio-visual content development, management and consultancy services.
Both parties have mutually agreed to negotiate in good faith the details terms and conditions of the proposal with intention to finalise and enter into the relevant definitive agreements within 60 days from the date of the MoU or such other longer period as the parties may mutually agree upon.
Yong Tai CEO Datuk Wira Boo Kuang Loon said HRC World's stake in PTSI demonstrated the latter’s commitment and confidence in Encore Melaka theatre.
“Yong Tai sees the synergistic value from HRC World to jointly operate Encore Melaka theatre as HRC World manages well-known music-centric, themed food and beverage cafes across China and other parts of Asia that strategically promotes live music and bands.
“Their participation would definitely boost Encore Melaka theatre profile across China and other parts of Asia,” he added.
Boo also said the subscription price would not be less than book value of Encore Melaka theatre.
The corporate exercise would enable it to unlock the value of its investment in this iconic theatre.
Ambitious to open 36 Hard Rock Cafe in China, first 2 restaurants in shanghai and hangzhou winding up in less than 2 years. Left staff and suppliers unpaid.
3rd restaurant in cheng du which expected to open in 2018 still not seen...
Wondering where HRC World got their fund to take the stake of encore ? By the way not to mislead hrc world ≠ is no hard rock café. They only like Master franchise holder of Asia for china , and for Asia region it seem they already sold the Master franchise in China to HRC Asia Ltd.....Now Trade world... Wondering....anti-america...Will it affects American style food ? When incident anti Korean .... Lotte China was down.....
Some companies just keeping sign MoU to please their shareholders or before they goreng the share price. Somehow MoU can lapse after a period n no legal effect one.......
Got travel agency promote 2D/1N package to Encore, 318 only. Including nyonya show, hotel n bus. Of course la, they dun mention free mat rempit racing at nite.......hehe!!!
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sensonic
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Posted by sensonic > 2019-05-28 22:25 | Report Abuse
YONG TAI POST QUARTERLY LOSS OF 5.255 MIL. RUN FOR LIFE TOMORROW ??