Perbadanan Nasional Berhad (PNS) and A&M Malaysian Co (A&M) have launched a RM5.1m (US$1.34m) joint venture to establish a Malay cuisine restaurant chain and plan to control ten franchise outlets in the US, Canada, Europe and South Africa within the next five years.
The joint venture company will be called Satay House Malaysia and controlled 80:20 by PNS and A&M respectively. It will be responsible for the management and development of restaurant franchises throughout the world.
A&M controls the Satay House restaurant in London, which has become a widely recognised brand name since opening in Sussex Gardens in 1973. Executive director Kamisah Azimuddin revealed that it has recorded a 50% growth in revenue over the last few years.
Shaharin Shaharudin, CEO of PNS, commented at a press conference yesterday that the joint venture company would control the rights to the Satay House trademark, trade name and domain name.
After an initial cost of RM500,000, Shaharin explained that “the remaining RM4.6m will be used to open Satay House outlets globally starting with Beverly Hills, Los Angeles”. Focusing on the mid-to high end of the market, the first outlet is expected to break even with two years.