Retail News CRM

Tag: food and beverage

  • Katrina acquires Japanese cuisine F&B business for S$1.0 million

    Katrina acquires Japanese cuisine F&B business for S$1.0 million

    Katrina Group Ltd. (“Katrina” or the “Group”), an established and recognised Food & Beverage (“F&B”) group specialising in multi-cuisine concepts and restaurant operations, has announced its acquisition of 100.0% of Tomo Izakaya Pte. Ltd. for approximately S$1.0 million.

    Tomo is a company incorporated in Singapore on 23 May 2008. It is principally engaged in the F&B business and currently operates two restaurants serving Japanese cuisine in Singapore, one in Clarke Quay and another in Esplanade Mall.

    The Purchase Price of approximately S$1.0 million comprise the Initial Purchase Price of S$0.6 million and the estimated net tangible assets value of Tomo as at 30 September 2018 of S$0.4 million, as determined from the unaudited management financial statements of Tomo as at 31 August 2018 and mutually agreed between the parties.

    The Purchase Price was derived on a willing-buyer and willing-seller basis and is to be satisfied in cash. The acquisition will be funded through internal resources.

    Commenting on the acquisition, Mr. Alan Goh, Founder, CEO and Executive Chairman of Katrina said, “The acquisition is part of a larger strategy to diversify the Group’s revenue stream across businesses, markets and segments. Sustainable growth is what we hope to achieve and this acquisition is a step in the right direction for us to extend our market reach locally.”

    The acquisition increases the number of restaurants in Singapore operated by the Group to 40 from 38, and the types of cuisines served by the Group to eight from seven.

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  • Vietnam ministries against tax on sugary drinks

    Vietnam ministries against tax on sugary drinks

    Vietnam’s Finance Ministry has proposed a special consumption tax on some soft drinks that it claims contain an unhealthy amount of sugar, but its argument has been dismissed by other ministries.

    The Ministry of Industry and Trade said in a statement that imposing a special consumption tax on soft drinks because they contain sugar is not a convincing enough reason.

    It said the finance ministry needs to give a clearer explanation as to why soft drinks should be subject to higher taxes and why their consumption should be restricted.

    The trade ministry was repeating the same argument made by the Vietnam Chamber of Commerce and Industry (VCCI), which represents thousands of businesses in Vietnam.

    The VCCI said last October that a special tax should only be imposed after adequate studies have been made on the drinks’ impacts on consumer health and how much the tax could help reduce the risks.

    The Ministry of Agriculture and Rural Development has also demanded scientific evidence of why instant tea and coffee should be subject to the tax.

    “No study has found that the abuse of sweetened tea or coffee causes obesity, diabetes or cardiovascular diseases in Vietnam,” it said.

    The Ministry of Planning and Investment is also against the proposal, which it says could affect the beverage industry and its large workforce.

    In Vietnam, special consumption taxes are levied on items and services considered unhealthy or luxurious such as tobacco, alcoholic drinks and cars.

    The finance ministry has suggested a tax rate of 10-20 percent on sugary drinks from 2019. “The tax will help regulate the consumption of sweetened beverages, and it’s also an international norm,” it said last August.

    A letter from the World Health Organization (WHO) last September endorsed the proposed tax, which is effective in around 40 other countries, it said.

    “The WHO recommends Vietnam impose a tax that can increase the market prices of soft drinks by 20 percent,” it said.

    The ministry also cited a WHO report that shows excessive consumption of sugary drinks can lead to obesity which has been linked to many health risks such as cardiovascular disease, hypertension and strokes.

    A study unveiled in June last year found that about 25 percent of Vietnamese adults are overweight or obese. The obesity rate among children under five years old is also rising fast.

    Many Southeast Asian countries have already imposed taxes on sugary drinks, according to the ministry. The current rate is 20-25 percent in Thailand, 5-10 percent in Laos and 10 percent in Cambodia.

    Myanmar, the Philippines and Indonesia are considering a similar tax.i

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  • Retail, food/beverage sales to rise in July: MOEA

    Retail, food/beverage sales to rise in July: MOEA

    On the back of rising demand for the upcoming Ghost Festival, the local retail sector is expected to see sales growth in July, at a time when many retailers have aggressively launched promotional campaigns, according to the Ministry of Economic Affairs (MOEA).

    In addition, continued high temperatures have boosted demand for beverages in the local market, the MOEA said, and this trend is expected to give an additional boost to the local retail sector, as well as the food and beverage sector, in July.

    The forecast was made by the ministry after it released data Friday showing that Taiwan’s retail sales for June stood at NT$335.8 billion (US$10.49 billion), up 0.2 percent from a month earlier and up 0.5 percent from a year earlier.

    The statistics indicate that revenue in the local food and beverage sector hit NT$36.3 billion in June, up 1.9 percent from a year earlier but down 3.0 percent from a month earlier.

    The Ghost Festival (中元節), the 15th day of the seventh month of the lunar calendar, will fall on Aug. 17 this year.

    Local people usually buy foods and other necessities ahead of the festival in preparation for the folkloric rituals.

    In addition, the Taipei Multi-Media Show, which was staged July 1 through July 4, was expected to boost sales of 3C products and eventually raise revenue of the local retail sector, the MOEA said.

    The MOEA said that the hot weather is expected to prompt more and more consumers to buy beverages to keep themselves cool, while the current summer vacation is a peak season for local people to travel, which is expected to boost sales for the local restaurant businesses.

    In June, sales posted by department stores, supermarkets, convenience stores and hypermarkets in the local retain sector gained 3.2 percent, 5.6 percent, 3.0 percent and 5.5 percent, respectively, from a year earlier, while sales of the auto/motorcycle business rose 3.5 percent from a year earlier, the MOEA data shows.

    However, sales of the information and home appliance business in the local retail sector fell 5.6 percent year-on-year in June, the data indicated.

    During the month, sales of the restaurant and beverage businesses in Taiwan rose 2.2 percent and 0.8 percent, respectively, from a year earlier, the MOEA said.

    The MOEA said that sales posted by the local wholesale sector for June gained 3.6 percent from a year earlier to NT$805.8 billion.

    In the first six months of this year, sales of the local retail and food/beverage sectors rose 2.0 percent and 2.6 percent, respectively, from a year earlier, while revenue posted by the wholesale sector fell 5.4 percent year-on-year, the MOEA said.

     

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