Only World Group signs MoU to open luxury restaurant Grand Imperial at Komtar

SHAH ALAM (April 14): Only World Group Holdings Bhd (OWG) has signed a memorandum of understanding (MoU) with the owner of Grand Imperial Restaurant to operate the luxury Chinese cuisine restaurant and banquet hall services at Komtar Tower, Penang.

OWG chairman and group chief executive officer Datuk Seri Richard CK Koh (pictured) said the restaurant is aiming for the grand opening to be on June 21. A special purpose vehicle (SPV) that is 70%-owned by OWG with the rest held by Glamour Mission Sdn Bhd, the owner of Grand Imperial trademark, will invest RM5 million into this venture, and gives a conservative target of three to four years to break even.

"Why Grand Imperial? That's a good question. There [are] not enough high-quality Chinese restaurants in Penang, and there is a strong demand for it, to host events and weddings," he explained after signing the MoU. Representing Grand Imperial was managing director Rand Cheung.

"Grand Imperial provides great food and great service," Koh added.

A statement provided by OWG specified that the Grand Imperial Restaurant at Komtar Tower, Penang, has an estimated area of 11,000 sq ft that could sit 500 persons. The banquet hall's capacity meanwhile is double the restaurant's, at 1,000 persons.

Koh said the Penang outlet, also the first Grand Imperial Restaurant in the state, is going to be the only one launched by the OWG-owned SPV this year. He said the group is ruminating on opening one outlet in Genting Highlands next year, and one in Sunway City.

He said that the rebuilding of Komtar Tower, Penang, had a 90% completion rate, and is now looking to do the grand launching sometime by June.

Established in 2008, Grand Imperial Restaurant now has six outlets within the Klang Valley and one in London. It offers various culinary dishes of oriental origins, from Cantonese delicacies to Chinese dim sum, barbecue, Hong Kong noodles, and tangy fresh seafood.

OWG shares fell by 2.13% upon noon break to RM2.30 apiece, for a market capitalisation of RM545.22 million. -- theedgemarkets.com

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