Wendy's Brand Signs Development Agreement in Singapore
Atlanta, /PRNewswire-FirstCall via COMTEX/ -- Franchisee in Singapore to open more than 35 new Wendy's restaurants Wendy's/Arby's Group, Inc. (NYSE: WEN) today announced a development agreement with Kopitiam Investment Pte Ltd, to build and operate Wendy's(R) restaurants in Singapore. Kopitiam Group is scheduled to open the first of these restaurants in late 2009, and plans to build more than 35 Wendy's restaurants throughout the country over the next ten years.
"We are pleased to enter a franchise relationship with the Kopitiam Group, a company that is well-known in Singapore," said Jim Hartenstein, Senior Vice President, International, Wendy's/Arby's Group. "Kopitiam Group, founded by its Chairman Lim Bee Huat and led by Managing Director Alden Tan Siang Hin, has tremendous experience developing and operating successful food-service brands."
The Kopitiam Group is the largest food service management operator in Singapore and operates under its Kopitiam, The Dessert Shop, Banquet, Kopi and Bao Luo Wan Xiang brands. The Company also manages Lau Pa Sat Festival Market, an iconic tourist destination that is a Singapore National Monument.
"The inclusion of the Wendy's brand in our Singapore portfolio is a strategic move that we've planned for some time. The addition of Wendy's quality brand will complement the wide range of food businesses that we currently have in Singapore," said Kopitiam Group Chairman Lim Bee Huat.
Kopitiam Group Managing Director Alden Tan Siang Hin said, "We see an opportunity in the Singapore market for growth and continued demand for premium products and services at affordable prices. We believe Wendy's signature menu and excellent value will have strong appeal to consumers."
This development agreement is part of Wendy's/Arby's Group's plan to increase development efforts outside of North America.
"We are taking a disciplined approach to growing our international business, preparing our support infrastructure and systematically expanding into new markets," said Hartenstein. "This is a great opportunity to further grow our Wendy's brand in Asia, where we currently have 150 franchised restaurants."
Wendy's/Arby's Group operates a regional office in Hong Kong -- established in 2007 -- to serve franchisees, suppliers and staff throughout the Asia/Pacific region, while preparing for expansion into new markets.
The Company currently operates its International franchise business in 23 markets outside the U.S. and Canada. Six of these are in the Asia/Pacific region, including its newest market, Malaysia, which opened in 2008.
Wendy's franchisees are independent third parties that Wendy's International, Inc. does not control. Numerous factors beyond the control of Wendy's and its franchisees may affect new restaurant openings. Accordingly, there can be no assurance that the commitments under this development agreement will result in new restaurant openings.
About Wendy's/Arby's Group, Inc.
Wendy's/Arby's Group, Inc. is the third largest quick-service restaurant company in the U.S. and includes Wendy's International, Inc., the franchisor of the Wendy's restaurant system, and Arby's Restaurant Group, Inc., the franchisor of the Arby's restaurant system. The combined restaurant systems include more than 10,000 restaurants.
About Kopitiam Group
Kopitiam Group of Companies is the largest food service management company in Singapore with annual sales of S$200 million.
SOURCE Wendy's/Arby's Group, Inc.