Chaswood shares up 5% in trading debut
Shares of Malaysian-based casual dining operator Chaswood Resources Holding were robust in their trading debut on the Singapore Exchange (SGX) Catalist yesterday.
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By JASMINE NG
22 March 2012
Shares of Malaysian-based casual dining operator Chaswood Resources Holding were robust in their trading debut on the Singapore Exchange (SGX) Catalist yesterday.
Chaswood shares began trading at 30 cents apiece, reaching an intra-day high of 33 cents before closing at 31.5 cents for a nett gain of 5 per cent.
Chaswood’s SGX listing follows its reverse takeover of Chinese silk maker Asia Silk Holdings. Asia Silk has acquired Chaswood Resources Sdn Bhd for $60.79 million by way of share issue.
Chaswood currently has 13 brands and 42 restaurants under its wing, including American casual dining chain T.G.I. Friday’s in Malaysia and Singapore, and the Japanese casual dining chain Watami in Malaysia.
As part of its plans, the company plans to expand its key brands such as Bulgogi Brothers, T.G.I. Fridays and Watami in countries like Malaysia, Singapore, Thailand and Indonesia.
Chaswood said it will also seek to leverage on its major shareholder Asiasons’ network to grow and expand its chain of restaurants in Malaysia and other key markets in South-east Asia.
The firm is expecting to receive about $3.06 million in aggregate net proceeds. It plans to use 67.3 per cent of the proceeds to fund the capital expenditure for new restaurants and the remaining 32.7 per cent to fund the refurbishment of existing restaurants.
Chaswood’s managing director Andrew Reddy said he sees potential for further brand expansion and development in the food and beverage industry as more consumers are demanding different dining concepts.