F&B newsflow

F&B newsflow: a) Chaswood Resources: has formalized an agreement with Bulgogi Brothers of Korea, for the exclusive rights to develop and operate their Korean restaurants in Vietnam and various cities and provinces in China. The agreement comes soon after Chaswood’s opening of its third Bulgogi Brothers restaurant in Msia. Chaswood already holds exclusive rights to develop and operate Bulgogi Brothers’ restaurants in 4 countries, incl Spore, Msia, Thailand and Indonesia, making it the largest operating license holder of Bulgogi Brothers outside of Korea. Chaswood is a multi-concept casual dining operator in Msia and Spore with 12 brands, incl 4 int’l franchised and licensed brands and 51 restaurants, cafes and bars. The co was loss making in 1H12, trades at 2.8x P/B. b) Harry’s: F&B Asia has made a cash offer at $0.23/sh, conditional upon min acceptance of 50% of shares out. The offer price is at a 53% premium over the counter’s last closing px at $0.15. The Undertaking Shareholders (comprising mainly CEO Mohan Mulani), with a combined 45.9% of shares out, have undertaken to accept the offer.