Oldtown expands into Myanmar
13 Feb 2017 / 05:38 H.
PETALING JAYA: Oldtown Bhd’s unit Kopitiam Asia Pacific Sdn Bhd has executed a license agreement with Nikmat Mujur Sdn Bhd and Low See Nam to operate cafe outlets in Yangon, Myanmar.
In a filing with Bursa Malaysia last Friday, Oldtown said it will grant an exclusive right to Nikmat Mujur and Low to operate direct licences within Myanmar, with a licence fee of US$120,000 (RM532,800) and preopening fee of US$20,000. The agreement is for five years and with an option to renew for another five years.
Oldtown said the execution of the licence agreement is not expected to have any material effect on its earnings or net assets and its subsidiary companies for the financial year ending March 31, 2017.