KUALA LUMPUR (April 26): Texchem Resources Bhd is set to expand its Sushi King operations to Indonesia after receiving the green light from the authorities there.
In a filing with Bursa Malaysia, Texchem said it has incorporated a company in Indonesia called PT Sushi King Group Indonesia to operate the Japanese cuisine restaurant business.
The company, with an issued and paid-up share capital of 6.75 billion rupiah (RM2.21 million), will be 90% owned by Sushi Kin Sdn Bhd (SKSB) and 10% by Sushi Kin (East Malaysia) Sdn Bhd (SKEM).
SKEM is wholly-owned by SKSB, which in turn is Texchem’s 70.35%-owned subsidiary via Texchem Restaurant Systems Sdn Bhd (TRSSB). TRSSB is a wholly-owned subsidiary of Texchem.
Texchem’s share price gained six sen or 4.14% to RM1.51 today, giving it a market capitalisation of RM183.56 million.
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