Thu, Sep 24, 2015 - Page 14 News List

Wowprime Corp inks Putien deal

By Ted Chen  /  Staff reporter

Wowprime Corp (王品), the nation’s largest restaurant chain operator, yesterday announced that it has established an agreement to bring Singapore’s Putien (莆田) restaurant to Taipei before the end of this year.

Putien serves higher-end authentic Singaporean cuisine, with menu prices ranging between NT$500 and NT$700 per dish, Wowprime said.

The companies are to form a joint venture to oversee Putien’s operations in Taiwan with a paid-in capital of NT$50 million (US$1.5 million), of which Wowprime is to furnish 70 percent and Putien the rest, Wowprime said.

“The partnership marks a new chapter in Wowprime’s global strategy to bring international franchises to Taiwan, in addition to exporting our home-grown brands,” Wowprime chairman Park Chen (陳正輝) said in a statement.

Wowprime this year is going through restructuring in the face of the unexpected early retirement of former chairman Steve Day (戴勝益) in July, the closure of its cafe chain Famonn Coffee (曼咖啡) and overall weak sales in Taiwan.

The partnership with Putien was sealed with a signing ceremony in Singapore, marking the second collaboration between the two firms.

Last year, the companies inked an agreement to introduce Wowprime’s vegetarian restaurant brand Sufood (舒果) to Singapore, leading to the establishment of Sufood Singapore Pte Ltd (舒果新加坡) with NT$50 million in initial capital, with the Taiwanese company holding a 30 percent stake and Putien owning the remainder.

The collaboration last year was Putien’s first foray into Western vegetarian cuisine in the Singaporean company’s 15-year history.

A second Sufood restaurant in Singapore is expected to be opened before the end of this year, Wowprime said.

Wowprime shares dipped 0.56 percent to NT$179 in Taipei trading yesterday.

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