Jumbo sets up JV to expand NASBKT brand in Shanghai

The JV taps local partners to develop NASBKT franchise rights in Shanghai.

Jumbo Group Limited has entered into a joint venture (JV) agreement to expand its Ng Ah Sio Bak Kut Teh (NASBKT) brand in Shanghai and other locations in China.

The company’s indirect wholly owned subsidiary, Jumbo F&B Services Pte. Ltd. (JFB), signed the agreement on 27 July 2026 with K.Grand Resources Pte. Ltd. (KGR) and Yap Kok Kiong (YKK) to establish a Singapore-incorporated JV company.

In an SGX filing, Jumbo said the JV company will hold the area franchise rights for the NASBKT brand in Shanghai and other locations in China as agreed by the parties.

It will also grant unit franchise rights and identify operational partners and local investors for expansion in the market.

JFB will hold a 20% stake in the JV company through a $40,000 subscription, whilst KGR will hold a 60% stake through a $120,000 subscription and YKK will hold the remaining 20% through a $40,000 subscription.

The JV company will have an issued share capital of $200,000.

Jumbo said the joint venture will allow the group to participate in the development of the NASBKT brand in China, whilst managing its investment exposure through a minority equity position.

“Shanghai represents a key gateway city where the Group believes the NASBKT brand has potential for development, particularly through a scalable franchise model supported by local market knowledge,” the group said.

KGR has expertise and resources in business networking, market development and operational support in China, whilst YKK is participating in the JV in his personal capacity as a private investor and has business experience in Singapore and China, according to Jumbo.

The JV will enter into a franchise agreement with Jumbo Group of Restaurants Pte. Ltd. for the use of the NASBKT brand and related intellectual property rights.

The JV board will comprise three directors, with one director appointed by each of JFB, KGR, and YKK. KGR will appoint the chairman.

The joint venture will run for 10 years from the date of the agreement or for as long as the NASBKT franchise agreement remains valid, whichever is later.

Jumbo said the investment will be funded through internal resources and is not expected to have a material impact on the group’s consolidated net tangible assets per share or earnings per share for the financial year ending 30 September 2026.

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