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)