Anwar Sierad acquires Hartz Restaurant

Anwar Sierad acquires Hartz Restaurant

JAKARTA (JP): PT Anwar Sierad Group has acquired a 51 percent
equity stake in Hartz Restaurant Inc. for US$3 million with an
option to increase its ownership up to 70 percent, the company
announced yesterday.

"Hartz Restaurant Inc., incorporated in the United States, is
the holding company of Hartz Chicken Inc., the franchiser of
Chicken Buffet which currently operates in 42 locations in
Malaysia," read a company statement.

The management as well as a development and operation team are
already established and included in the $3 million investment, it
said.

It said that the acquisition is an attempt to position itself
in the consumer food market after its successful operation of the
Wendy's franchise in Indonesia.

A new Hong Kong-based company, Hartz Asia Pacific, will manage
the Hartz expansion in the region, including Indonesia, China,
Korea, Thailand and the Philippines.

Some 200 restaurants are to be opened in the region, 20
percent of which are to be owned by the company and 80 percent of
which will be franchised stores.

In the beginning, the group will establish wholly owned
restaurants and later offer sub-franchising potential for
investors. (kod)