Oversea Ent: 15pc of revenue to come from abroad

[Stockist]

The group, which only operates in Malaysia now, plans to open a restaurant each in Indonesia, Singapore and Hong Kong through a licensing programme. Oversea managing director Yu Soo Chye said the restaurant in Jakarta will be opened by 2011, followed by its Hong Kong and Singapore outlets in 2012. "Our existing 'Restoran Oversea' outlets in Malaysia serve not only the local community but also patrons from as far as China, Hong Kong and Indonesia. "It is common for foreign patrons of ours to specifically request to dine in our restaurants. Therefore, we believe that the future for the Oversea group lies not just in Malaysia but also beyond our shores," he said at the launch of the company's prospectus in Kuala Lumpur yesterday. There were several parties interested in its restaurant licensing scheme, but the group has yet to finalise anything. Locally, it operates seven outlets in Malaysia and will open three more by the year-end. For the financial year ended December 31 2009, Oversea registered a net profit of RM5.2 million on revenue of RM65 million. Oversea aims to raise RM13.1 million from its initial public offering exercise scheduled this April on the ACE market. From the proceeds, RM6.05 million will be for capital expenditure, RM3.95 million to expand its business and RM3.31 million for working capital. Its flotation entails 56.9 million new shares and an offer for sale of 9.5 million shares at 23 sen each.

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