Japanese steak diner chain Kichiri to buy controlling stake in Indonesian franchisee
TOKYO, NNA - Kichiri Holdings & Co., a Japanese restaurant chain operator, will acquire a majority stake in Indonesian franchisee PT Kichiri Razki Abadi to expand its business in Southeast Asia.
The Osaka-based company said in a statement issued Friday that it will buy a 51 percent stake in the Indonesian franchise operator, which is wholly owned by PT Mahanaim Sejahtera Mandiri, for 5.1 billion rupiah ($357,000). The purchase is expected to be completed on July 31.
PT Kichiri Razki Abadi currently operates Ishigamaya Hamburg Steak restaurants and Chavaty tea shops in Jakarta.
Kichiri Holdings said it aims to increase the number of its restaurants in Indonesia while exploring opportunities in other Southeast Asian countries.
In February, the Japanese chain opened a prime hamburger steak restaurant in Jakarta, using mainly Australian beef and targeting middle-income earners amid Indonesia’s rapid economic growth.
The company formed a local joint venture with Rizki Bukit Abadi, an investment firm focused on the service industry, to run a chain of Ishigamaya Hamburg eateries where steaks are cooked in a stone oven.
Kichiri operates about 100 eateries in Japan, including 20 Ishigamaya restaurants.