Manila to study US$10b offer for casino franchise

Business Times - 10 Aug 2010

Manila to study US$10b offer for casino franchise
San Miguel chief intends to bid for govt monopoly with Robert Kuok and 2 other M'sian tycoons
(MANILA) Philippine President Benigno Aquino said yesterday his government would study a US$10 billion offer from a local tycoon to take over the government's monopoly casino franchise with Malaysian help.
Ramon Ang, vice-chairman of food and beverage giant San Miguel, made the stunning offer unofficially in an interview with the mass circulation Philippine Daily Inquirer, which carried his comments on its front page.
'It is a proposal, it is a very interesting proposal. But at the same time we have to study the matter first,' Mr Aquino told reporters.
'(We) have to ensure that if we intend to sell something, it is at the best price we can get.'
Mr Aquino, who began his six-year term as president on June 30, has said he is looking at privatising state assets to help deal with a growing budget deficit, and the Philippine Amusement and Gaming Corp (Pagcor) could be sold off.
'The sale of Pagcor fits in well with the president's agenda. Why wait for six years to have US$10 billion when you can have US$10 billion in just six months,' Mr Ang said, according to the Inquirer.
'Isn't this a spectacular deal?' Mr Ang said he intended to make a formal bid to acquire Pagcor once it was formally put on the auction block for privatisation, the Inquirer reported.
He said he intended to go into partnership with Malaysian magnates Robert Kuok, Ananda Krishnan and Francis Yeoh, according to the report.
'They are all my friends and they are interested in Pagcor,' the Inquirer quoted him as saying.
Mr Ang emphasised that he intended to go after Pagcor independently of San Miguel, one of South-east Asia's leading conglomerates.
A spokesman for Pagcor, Jay Santiago, said privatisation would not occur anytime soon.
'It is not as simple as it sounds. Eventually, there will be privatisation, but that is too far off,' Mr Santiago said.
'(But) we agree that US$10 billion is a good benchmark. If and when we do go through that process, at least we know we will not be getting anything below US$10 billion.' Pagcor, which operates 41 casinos, reported a net income of 29.62 billion pesos (S$884 million) in 2008\. \-- AFP

Still screening at 75

Heading upriver in Sarawak to shoot in tribal longhouses was always part of film director L. Krishnan's plans. But what he did not expect was for his boat to capsize, in an action scene that could have come out of one of his own screenplays.

Back in the 1950s, he says, you had to use boats to get anywhere in Borneo. He was not so much worried for himself as for his recordings, which, to his horror, disappeared into the murk. Luckily, he had split the cargo into two boats.

Speaking to LifeStyle on the telephone from Kuala Lumpur, he says: 'I sent the cameraman and the film ahead in one boat. My boat, which sank, had the soundtrack.'

He would later overdub new dialogue and music back in Singapore and release it as Cinta Gadis Rimba, saucily titled The Virgin Of Borneo, in 1958.

The love story between a Malay man and a Dayak woman, which has since sunk into obscurity, is one of the many examples of Malayan cinema made by Cathay- Keris Studio in the 1950s and 1960s, a period now known as a golden age of local film. The studio, together with its rival, Shaw, made hundreds of Chinese and Malay movies during that time.

L. Krishnan today has deep affection for his Borneo feature because it was the first he had done on location, rather than in Cathay-Keris' soundstage in East Coast Road.

Cathay-Keris Studio made its last feature in 1973, the victim of changing tastes and competition from Hollywood.

But its parent, Cathay Organisation, is in good health and is celebrating its 75th anniversary this year. The close-knit, family-run firm has a history closely tied to the ups and downs of the entertainment industry in the region. In its time, it has created stars and classic movies and will be remembered for influencing the tastes of generations in Singapore and Malaysia.

Now 88 and a Datuk, the former film director L. Krishnan is today an elder statesman of the Malaysian business community. He has kept links to film-making. His Kuala Lumpur-based Gaya Color Laboratory made the cinema prints for the Singapore comedy Phua Chua Kang The Movie, to be screened here this month, he says.

Another historical footnote about The Virgin Of Borneo is that it is among films of the period to offer the exotically ethnic sights and sounds of Sarawak as entertainment.

Another of Cathay-Keris' most valued assets was comedian Abdul Wahid Ahmad, better known by his stage name Wahid Satay. He starred in films such as Chelorong Chelorong (1962), Bawang Putih Bawang Merah (1959) and Satay (1958).

He is still popular today and performs on television and live shows in Malaysia, Brunei and Singapore.

'I'm old but still capable,' jokes the 79-year-old in Malay.

He told LifeStyle that Mr Loke Wan Tho, son of tycoon Loke Yew and co-founder of Cathay, was a key driving force of the Cathay-Keris Studio.

After Mr Loke's death in a plane crash in Taiwan in 1964, 'the movie-making scene died along with him'.

A little-known fact of the golden age of Malay film-making is that it was never especially lucrative.

The small market in Malaya and competition from Indian, Indonesian and Hollywood films made the going tough and Cathay-Keris reported a loss of $1.5 million in its first eight years of operation. Big-budget prestige collaborations and international co-productions in the early 1960s also failed to light up the box office.

Mr Loke's legacy lives on today in the movie distribution, exhibition and other businesses. That side of the organisation has its own stars in its long-serving staff, such as Mr Teo Chai Koon, 67.

He joined the accounts department of Cathay Film Distributor in 1962. His first workplace was not at the more well-known Cathay Building in Handy Road but another bungalow-like building nearby, close to the historic MacDonald House in Orchard Road. �

In his time at Cathay, he has seen the industry change from grand single-screen cinemas to multiplexes and from a one-size-fits-all censorship to today's tiered classification system.

By 1980, he had become assistant manager of programming. One of his tasks was to decide when to start and end a film's run in the cinemas and how many screens it should be given. Hong Kong movies were all the rage when he took on the role, but by the time he retired last year, they, too, had had their time in the sun and are now a shadow of what they used to be.

'They were making too many of them, and they had no variety,' Mr Teo says, referring to how the film-makers would milk previously successful formulas to death.

Cathay is one of the few organisations in Singapore to both date back to pre-war times and to occupy the site on which it was founded.

Urban myths cling to it as a result. During the occupation, the building was taken over by the Japanese propaganda branch and the impaled heads of those who fell afoul of the occupiers were exhibited outside. There is gossip about restless spirits in the area but long-time employee Mr Teo dismisses such talk as nonsense.

'I never saw anything,' he says.

Mr Bilal Sapuan, 53, is a senior operations executive who has worked at the company for 22 years. He supervises projectionists, the crew who handle the display of images in Cathay cinemas.

He has a unique view of how technology has changed. In the past, film reels would be despatched by motorcycle from one cinema to another elsewhere in Singapore with minutes to spare. Today, when one reel can be looped to serve up to eight multiplex screens at the same time, despatching is no longer necessary, a fact which pleases Mr Bilal.

He shudders when he remembers how traffic mishaps would delay reel delivery. Screens would go blank for up to 30 minutes. But back then, audiences seemed to be more tolerant of mistakes, unlike today, he says.

'Now, patrons will complain if there is a slight delay,' he says.

Another veteran who has seen changes sweep through the business is Mr Chia Lye Huat, 64. The logistics executive has been with the firm for 45 years, having started as an usher and a 'poster boy', the person whose job it was to refresh movie posters in lobbies and hallways, then an essential advertising tool.

Now, he administers the delivery of Cathay-distributed films to the Board Of Film Censors. The current classification system is more complicated than before, but he thinks it makes for a much better viewing experience, compared to the time when all films were edited to fit all ages.

'It was just cut, cut, cut, a lot of movies lost their meaning,' he says.

The head of the company since 1984 is executive director Choo Meileen, niece of co-founder Loke Wan Tho.

In an e-mail interview, the media-shy 50-something boss of Cathay Organisation says that what stands out for her during the 75 years is 'how well Cathay has weathered crises that would have knocked any company out'.

'There are many valuable lessons that I have learnt from them. No Harvard Business School could have taught that,' she says.

It's a 'fun' partnership with the kids

IT WENT against the usual learning process, but one of the most valuable lessons Mrs Ng Gim Choo ever received came from her little daughter 25 years ago.
Mrs Ng's first step on this particular learning curve came after she moved to London when her husband was posted to the British capital.
They sent their four-year-old daughter E-Ching to Pembridge Hall, a pre-school near Kensington Gardens, and were stunned at the result.
'She enjoyed going to school every day,' recalled Mrs Ng, 58. 'On weekends she would put on her school uniform and I would tell her that she couldn't go to school, and she would be so disappointed.'
Mrs Ng had never attended kindergarten and her own memories of life in a Chinese education system was that it was 'a pressure cooker, never fun'.
Looking at her daughter's smiling face sparked her curiosity and she became a parent volunteer at Pembridge Hall to see just what was getting E-Ching so excited.
Mrs Ng discovered a whole new educational philosophy, one that saw children's play as a central mode of learning.
Inspired by the British play-based curriculum, Mrs Ng set out to transplant that same fun and nurturing learning environment to pre-schools here when she returned to Singapore.
'At that time, the early years system in Singapore was still very much instructional, very much teacher-directed rather than student-responsive,' said Mrs Ng, who has three children aged 25 to 32.
In 1995, she walked from the kitchen to the boardroom when she opened the first EtonHouse school in Broadrick Road with $500,000 in seed capital from her husband and brother.
The curriculum blends the International Baccalaureate philosophy of inquiry-based learning with the Reggio Emilia approach.
This posits that children have 100 languages with which to communicate their ideas, including drawing, painting, composing, singing and dancing.
Today, the EtonHouse International Education Group operates 26 international schools and pre-schools in Singapore, China, India, Indonesia, Japan, South Korea and Malaysia educating 3,000 pupils.
Annual revenue is about $40 million a year.
Singaporeans comprise about 20 per cent to 35 per cent of the pupil mix here.
Fees range between $1,500 and $1,600 a month and a child may have to wait for as long as two years for a place.
One of the schools' key attractions - and reason for its high fees - is the high teacher-pupil ratio, said Mrs Ng.
A pre-nursery class for 18-month-olds has four teachers to a class of 16.
This sort of 'family setting', as Mrs Ng puts it, helps cultivate a personal relationship between teacher and child and allows teachers to tailor lessons to the learning styles of each child.
'We respect children,' said Mrs Ng. 'We look into their interests, and the learning is generated based on each child's interests.'
But parents are not excluded from the relationship either.
'We always say education is a successful partnership among the parents, the teachers and the children.'
EtonHouse schools maintain a strong line of communication with parents through fortnightly newsletters and portfolios for each student.
On top of the bi-annual parent-teacher meetings, the schools also hold student-led conferences once a year.
'Once a year, we turn around and let the children be the teachers, to show their parents how they learn,' said Mrs Ng.
'It's very interesting because you let students take ownership of their learning, and it's also a confidence-booster.'
These initiatives require a lot of preparation by teachers, who have to brief the parents beforehand, tell them to be positive and remind them not to put down their children if they are unable to grasp something that might seem simple.
EtonHouse employs 800 staff globally - with 320 here - of which 70 per cent are teachers.
'It's always a challenge to get good teachers,' said Mrs Ng, who recruited a principal and a few teachers from Britain when she started.
All prospective teachers have to go through a stringent selection process. A degree or diploma in early child education is one requirement.
EtonHouse also has its own teaching academy, the EtonHouse Education Centre (EEC), which focuses on pre-school teacher training, research and professional development.
Four pedagogists, specialists who study how children learn, are based there. They travel the globe to participate in conferences, and then share these research-based best practices with teachers here.
About 10 years ago, EtonHouse began providing primary education at the Broadrick Road main campus, by popular demand from satisfied parents whose children had graduated from the pre-school.
Mrs Ng is now also looking to expand to Britain, America and Australia and even Dubai in the longer term.
'At EtonHouse, we have children from 54 nationalities. We have children of Asian expatriates, we also have children of Western expatriates,' she said.
'We want to go to the West because a lot of our children, after studying at EtonHouse, they went back to America, they went back to Australia, to the UK, and they still missed the EtonHouse experience.'

Father of Swatch dies

Nicolas Hayek, who saved the ailing Swiss watch industry with his plastic timepiece, dies at age 82
New York - Mr Nicolas Hayek, a Lebanese-born business consultant who is widely credited with having saved the Swiss watch industry with the introduction of the Swatch, the inexpensive, plastic - and, as it transpired, highly collectible - wristwatch that made its debut in 1983, died on Monday in Biel, Switzerland. He was 82.
A founder and chairman of the Swatch Group, he died of heart failure while working at the company's headquarters, according to an announcement on the company website.
'Nicolas G. Hayek's greatest merit was his enormous contribution to the saving of the Swiss watch industry and the foundation and the commercial development of the Swatch Group,' the company said in a statement.
The formation of the Swatch Group, which in addition to Swatch today comprises high-end watch brands such as Breguet, Omega, Longines, Tissot, Calvin Klein and Mido, made Mr Hayek one of Switzerland's wealthiest men.
The irony is that the company came about after he was brought in to help shut the foundering Swiss watch industry altogether.
A flamboyant figure with a roguish sense of humour, he was 'a rare phenomenon in Europe - a genuine business celebrity', as The Harvard Business Review described him in 1993.
He was born in Beirut in 1928 and moved to Switzerland as a young man. After studying mathematics, physics and chemistry at the University of Lyon in France, he started a consulting firm, Hayek Engineering, in Zurich in the early 1960s.
By the 1970s, the vaunted Swiss watch industry, a pillar of the national economy for centuries, was in jeopardy.
Japanese watchmakers such as Seiko had begun to undercut Swiss prices. And public tastes were shifting from the finely wrought analogue timepieces in which Swiss artisans had long specialised to the pale flickering faces of mass-market digital watches.
In the early 1980s, with no apparent remedy in sight, a group of Swiss banks asked Mr Hayek to compile a report on how the watch-making industry might best be liquidated. Instead, he merged two of its former titans, the nearly bankrupt Asuag and SSIH, which between them owned brands such as Omega, Longines and Tissot.
He bought a majority stake in the reorganised group, known as SMH - the Societe Suisse de Microelectronique et d'Horlogerie. He was fond of telling interviewers that the initials stood for 'Sa Majeste Hayek' - 'His Royal Highness Hayek'.
In 1983, SMH introduced the Swatch. Lightweight, with vibrantly coloured bands and breezy novelty faces, it was remarkably inexpensive to produce.
It had 51 parts, as opposed to the nearly 100 needed to make a traditional wristwatch. It retailed for less than US$35 when it was first marketed in the United States later that year. The Swatch quickly became a sought-after collector's item worldwide. It was very likely the first time that people had even considered owning multiple watches.
Known to wear up to four timepieces on each arm, Hayek said Swatch produced 'beauty, sensuality, emotionality in watches - and we also produce high-tech on your wrists'.
SMH had produced 100 million Swatches by 1992. The success of Swatch also resuscitated the high-end brands under the SMH umbrella.
In 1998, the company's name was changed to the Swatch Group, taking the name of a brand that had become a pop marketing icon. It generated about US$4.9 billion (S$6.8 billion) in sales last year, The Wall Street Journal reported on Monday.
By redirecting consumers' attention to Swiss watch-making as a whole, the little plastic watch lifted all boats. Even the expensive brands, such as Breguet, 'we will continue to sell - and sell well', Mr Hayek told the publication Swiss News in 2008.
He became a national figure, despite his very un-Swiss flamboyance. In 1998, he came up with the idea for the ultra-compact Smart car, now made by a subsidiary of DaimlerChrysler AG.
He stepped down as the Swatch Group's chief executive in 2002 and was succeeded by his son, Nicolas Jr. His daughter Nayla sits on the company's board. He is also survived by his wife Marianne. He remained chairman of the group and head of Breguet.
Over time, the humble Swatch itself was borne upward by its own success: The company has issued limited-edition Swatches designed by noted artists such as Keith Haring.
In 1992, The New York Times reported that a Swatch by Kiki Picasso, a pseudonym of the French artist Christian Chapiron, sold at an auction at Christie's in London for US$28,000.

Deep sea fish farming going swimmingly well for Singapore

SINGAPORE - Deep sea farming is helping Singapore meet its supply needs. And the republic's clean and sheltered waters are apparently a factor for the success of Barramundi Asia, Singapore's biggest commercial fish farm.

Located off Pulau Semakau, the farm about a half-an-hour's boat ride from the city, enjoyed its first harvest last October.

It now produces 500 tonnes of barramundi, also known as Asian sea bass, a year.

Mr Joep Kleine Staarman, managing director of Barramundi Asia, said: "Fish farming in South-east Asia is mainly done in Indonesia and Malaysia. But Singapore actually has very good water quality. Having a fish farm so close to Singapore brings the fish very fresh to the market."

And with help from Agri-Food and Veterinary Authority or AVA, Barramundi Asia aims to boost its output to 2,000 tonnes of fish by 2012 or 2013.

Ultimately it aims to provide more than 80 per cent of the fish consumed here, and efforts in that direction include the 100-plus licensed floating fish farms in Singapore's coastal waters.

AVA chief executive Tan Poh Heng said a selective breeding programme was started here about five years ago. "We look for the best breeds, the blue stocks, and these are able to grow much faster by 15 per cent, even up to 30 per cent," he said, adding: "When you can grow faster, you can have better productivity."

Currently, Singapore gets most of its fish from neighbouring countries like Malaysia and Indonesia.

Raising the bar for poultry

Business Times - 13 Jul 2010

POULTRY rearing is hardly an industry that one would associate with land-scarce Singapore, yet a homegrown company has defied the assumption that agriculture is a sunset sector by re-inventing itself.
Kee Song Brothers Poultry Industries Pte Ltd gave a new twist to the chicken commodity through the launch of 'Sakura' chickens a couple of years back.
The discovery of the tenderer, lower fat 'Sakura' chicken came about partly through the help of NTUC FairPrice. A professor from Kyoto approached NTUC FairPrice with the technology to rear a US breed of chickens. At that point, Kee Song was the only poultry farmer with a rearing and processing facility so naturally, NTUC FairPrice paired Kee Song and the professor up. The process of developing the product took about two years and cost RM1.5 million ($650,000).
Prior to this, Kee Song had already thought about improving the quality of the average chicken.
'We wanted to differentiate ourselves from the market,' said managing director Ong Kian San. 'The older people were saying that the quality of chicken available today had dropped, and was unlike those available in the past. We wanted to regain that standard.
'As we owned our own rearing farm, we could control the type of chicken the farm reared. This was unlike our competitors, who contracted from professional farms. This gave us our edge,' he said, of the company's farms in the Yong Peng region of Johor, Malaysia. These farms, scattered around the area, add up to a total of 200 hectares.
What makes the Sakura chickens special is the rearing technique.
'Our chickens live in ventilated areas and they get to listen to Mozart's symphonies whilst roaming the compound!' said Mr Ong, emphasising the quality of life for the chickens. 'This way, the chickens will also build up their immunity and thus fend off infections that may come our way. In any case, there's no contact with wild birds and we are in strict compliance with AVA (Agri-Food and Veterinary Authority) regulations.'
The chickens are also given a lactobacillus compound in their feed. In addition, lactobacillus is sprayed around the compound. Because of the tender quality of the meat and lower fat content, Sakura chickens are able to command a price of about $8.60 a bird, which is about 30 per cent more than for regular chickens.
Sales of the Sakura chickens have been encouraging, which prompted the company to introduce its latest range, the Imperial Cordyceps chickens. These are fed with cordycepin which is derived from the cordyceps fungus. At $16.80 a bird, these chickens are considered the top of the range because of the health benefits associated with cordyceps, which is regarded as immunity-boosting in traditional Chinese medicine, as well as having 27 times more collagen content than a regular chicken.
According to Mr Ong, Sakura and imperial cordyceps chickens now account for about 50 per cent of his company's total sales, with the remaining contributed by regular chickens branded under the 'Lucky' name. They are distributed only at NTUC FairPrice supermarkets, wet markets and restaurants at the moment, but Mr Ong hopes to reach out to more markets as consumer awareness grows.
'People are getting converted; sales are picking up,' he said. 'People are beginning to appreciate the benefits of Sakura chicken. Our customers are more executives, those who are more health conscious.'
Currently, the Singapore production facility allows for 2,000 to 4,000 chickens to be processed per hour and sales have amounted to over 700,000 chickens a year. This makes up about 15 per cent of the market share locally, according to Mr Ong.
Kee Song's products are currently marketed by some advertisements but mostly by word-of-mouth. Kee Song also sponsors events connected to its products and holds cooking classes to demonstrate the best ways of using its products at various community centres.
'We believe the product should sell by itself; after customers have experienced the benefits, I trust they'll be converted.'
When asked about future plans, Mr Ong said: 'We intend to expand around Asia and in some parts of Europe.'
He noted that the Europeans prefer the breast meat of chicken; however, this is typically 'dry and tough'. But what sets the Sakura chicken apart is the tenderness of its breast meat.
'This is our selling point,' he said.
What needs to be done now is to obtain an export licence and to ensure that all the standards and regulations are met.
As for China, 'it's a huge market; we are now looking at ways to expand there', said Mr Ong. 'We are open to joint ventures, opening our own farm there or franchising our technique. I believe there's room in the Chinese market for our products.'
'Of course we're worried about the possibility of infringement of our patent, but China is too big a market to ignore.' he said. 'Just look for a ring around the chicken's ankle. That's our trademark!

BreadTalk rises to the occasion

BREADTALK has always had an insatiable appetite for new markets. At its tenth anniversary little has changed, except that chairman George Quek now sees expansion as a game of consolidation and franchising.
With its global footprint spanning 13 countries and territories, it appears that the Group has ridden the crest of success to achieve its best financial results to date and double digit growth for the ninth consecutive year.
However, instead of resting on his laurels, Mr Quek is already gearing up to lead his team into the next phase of expansion.
'We are now in an accelerated phase of expansion where we can replicate our business success in other countries,' said Mr Quek, 53.
His hunger has not been quelled and there is still plenty of fire in his belly, but his strategies are anything but mindless. Instead, he is mindful of the importance of building strong foundations.
Mr Quek cites choosing the right franchisees to penetrate new markets and the importance of strengthening existing brands as key to building sustainability of the brand.
'Franchises currently contribute 7.7 per cent to the overall revenue and will be the preferred route of expansion as they allow for quick and effective inroads into new markets. We need to leverage on a partner with a strong network and established presence in the region for more effective penetration into the market,' he stated.
The BreadTalk Group operates the BreadTalk bakeries, Food Republic food courts, the Din Tai Fung, RamenPlay and Toast Box restaurants among others.
Citing the success stories of global brand Haagen Dazs which has been selling ice cream dumplings in China, he believes that innovation and integration of the local culture into his foods is extremely important.
'This is why choosing a partner is so important. You need to choose someone with the knowledge of the market you are entering, someone who is familiar with the local consumer tastes and will be able to provide insight into the local market,' he added.
While he is quick to stress the thought and consideration that must go into choosing a partner that is essential for success in a new market, the greatest takeaway the management has garnered over the year, is the importance of accepting new ideas and adapting the signature of the brand to suit the territory.
'Every country's workings are different, it is absolutely critical to understand the inner workings of a culture and how we can adapt our product to suit the people. For example, our Breadtalk brand in China has come up with a line of luxury mooncakes to cater to the most exquisite of tastes,' he said.
China is at present contributing 34.8 per cent of the group's revenue which amounted to $246.5 million in the year ended 2009 but Mr Quek is hoping this contribution will increase to 50 per cent.
With this target in mind, the group has increased focus on China and has begun to consolidate its Food Republic brand there.
In a bid to strengthen their existing Food Republic brand in China, the Group recently announced a restructuring of food court operations. Operations in two food courts were shut down citing poor performance and those that remain have been undergoing facelifts in an attempt to boost the brand image, starting with the group's largest food court in Beijing.
Good grounding
'We are very keen on expansion but we know that in order to be successful, we need good grounding. We want to ensure that we deepen the roots of each brand and keep coming back to firm up our foundations,' he added.
Except for Beijing and Shanghai outlets which Breadtalk group owns wholly, all others are franchised.
While the Breadtalk Group is no stranger to China, the group's newest brainchild RamenPlay is preparing for its China debut.
The brand will also be officially launched in Hong Kong next month in conjunction with the opening of its third store in a prime location.
However, Chinese territory is not the only territory marked with expansion plans.
The Breadtalk brand successfully penetrated the Middle Eastern market two years ago and has since rolled out in three different markets including Bahrain, Kuwait and Oman. Another is slated to open in Saudi Arabia at the end of this year and more are in the pipeline to be opened in Jordan and Lebanon.
Vietnam is another country that has spelt success for Breadtalk since the first Franchise outlet was opened in Ho Chi Minh and have been extremely encouraging. The Group is targeting to open 10 stores in Vietnam in the next three years with plans to move into Hanoi.
The bakery business contributed 44.8 per cent to the Group's total revenue in FY2009.
The Group has also demonstrated its tenacity for penetration in the restaurant segment with a successful chain store strategy for Din Tai Fung that won it a new territory in Thailand which is scheduled to open in end 2010.
The restaurant business contributed 15.8 per cent of total revenue for the Group in FY2009.
However, the resilient entrepreneur's success story is not without its challenges.
Asked what the most challenging obstacle faced was, he was quick to mention the difference in expectations in different cultures.
'I have come to understand and accept cultural differences in different markets and have therefore been able to manage expectations of delivery of results.' he said.
Humbled by the wisdom garnered from their venture into Chinese territory, the group is well equipped for further progress and is in the process of scoring the potential in the Japanese market.
There is at present no concrete plans to expand into western territory yet.