Business
Treasure Global Secures Licensing Agreement with Fast-Growing Malaysian F&B Brand, Abe Yus, Granting Exclusive Sub-Licensing of its Brands
TGL Continues to Progress Strategic Plan to Become a Master Franchisor of F&B Companies in Southeast Asia NEW YORK and KUALA LUMPUR, Malaysia, June 06, 2023
About this update from Treasure Global Inc.
[{"type":"text","content":"TGL Continues to Progress Strategic Plan to Become a Master Franchisor of F&B Companies in Southeast Asia\nNEW YORK and KUALA LUMPUR, Malaysia, June 06, 2023 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“TGL”, “Treasure Global,” or the “Company”), an innovative technology solutions provider, today announced that it has entered into a licensing agreement with Sigma Muhibah Sdn Bhd (“Abe Yus”), a fast-growing Malaysian group of Food & Beverage (“F&B”) brands, in which Abe Yus has granted TGL the exclusive worldwide right to grant sub-licensees to third parties to use Abe Yus’ trademarks for the F&B business chain, in line with the Company’s strategic plan to become a leading franchisor of F&B companies in Southeast Asia. Under the agreement, TGL is authorized to grant sub-licenses to any third parties to open additional Abe Yus businesses in Malaysia. As the master franchisor, TGL will manage brand loyalty and raw material supply. In addition, all the Abe Yus F&B outlets will be obligated to adopt TAZTE, TGL’s digital F&B management system, across all their businesses. TGL therefore will gain additional revenue streams from monthly licensing fees, start-up fees for new locations, and supply chain management. Abe Yus’ F&B group of businesses include the high-selling “Kari Puffs” from grab and go food carts, as well as the Abe Yus Warung street food kiosks, Abe Yus Café restaurants, and Abe Yus Marts B2C online e-commerce delivery service. The chain currently has 12 outlets operating across Malaysia, with plans to open 35 outlets by the end of 2023 and 300 outlets to be opened over the next five years in the country. In addition, Abe Yus plans to expand further into Southeast Asian market in the future. Sam Teo, Chief Executive Officer of TGL, commented, “TGL is executing our plan to become a master franchisor of F&B companies in Southeast Asia. The agreement with Abe Yus is another step in this direction following our first licensing agreement with Morganfield’s in May. TGL continues to provide innovative solutions in the F&B and technology space, growing its revenue streams and customer base as it expands across Malaysia and Southeast Asia with leading retail partners. Through implementation of our digital management system, TAZTE, Abe Yus' F&B outlets will contribute monthly licensing fees to TGL while enhancing their b...