RealEstat.id (Jakarta) – The property company, Riyadh Group Indonesia, is serious about expanding its business expansion into the culinary business. After acquiring a 55% stake in Sate Domba Dapur Mamihku some time ago, now Riyadh Group Indonesia has also acquired a 60% stake in Hokky Boga, the company that owns Martabak Hokky Group which has been established in 1995.
Currently, Martabak Hokky Group already has 30 branches in Banten, including Martabak Bryan, Martabak Hokky Premium, Panggang Ricebowl, Depresso Coffee, and Seafood Bangka Hokky.
The memorandum of understanding (MoU) for the acquisition was carried out by the President Director of Riyadh Group Indonesia Bally Sahputra Datuk Janosati and President Director of Hokky Boga, Kwan Wen Gunawan Abdullah in Cilegon-Banten, Wednesday (21/9/2022).
According to Bally Saputra, after this acquisition, Riyadh Group Indonesia will develop Martabak Hokky Group branches through network collaboration with investors throughout Indonesia, including Real Estate Indonesia (REI) and Central Parking which already has more than 600 branches in Indonesia.
"Soon, we will open 10 new branches, including at Halim Perdanakusuma Airport, Soekarno-Hatta Airport, The Grand Mangkuputra Arcade Cilegon, and several other locations that are still in the finalization of places," said the senior developer who is also the Secretary of the Organizational Advisory Board (BPO) DPP REI in its official statement, Thursday (22/9/2022).
Riyadh Group Indonesia is preparing Martabak Hokky Group to conduct an initial public offering (IPO) next year. This step is a form of the company's seriousness to develop its business with a target of opening 1,000 branches throughout Indonesia in the next two years.
According to Bally, although Riyadh Group Indonesia's business focus remains on the property and hospitality business, the culinary business, which just started in 2022, is expected to become one of the main pillars of the company's revenue in the future.
It is said that the culinary business is currently booming in Indonesia, especially for brands that have unique concepts and tastes. Moreover, said Bally, Riyadh Group Indonesia has a hospitality business line in the form of the Bally Hotel and Convention Center (BHCC) network which also requires delicious and best culinary facilities to pamper hotel guests.
"In the future, we will continue to target other culinary brands to be acquired. It can be a delicious and legendary brand or a culinary brand that is unique but tastes delicious,” said Bally.
Riyadh Group Indonesia is reportedly in the process of acquiring 60% shares in Minang Restaurant The New Natrabu Cilegon, which is the company's collaboration with Natrabu Restaurant (a legendary Minang restaurant) which has been established since 1958.
Through the Minang Restaurant brand The New Natrabu, later Riyadh Group Indonesia will open branches throughout Indonesia and in several countries in Asia and Europe.
The New Natrabu Cilegon soft opening on April 16, 2022, coincided with the opening of helicopter services in collaboration with Helicity. Then on June 16, 2022, The New Natrabu Cilegon won the MURI record.
“The New Natrabu will go international. We will invite friends from REI and FIABCI (World Real Estate Federation) to invest in the culinary business as well. Because overseas rents are very expensive, FIABCI members are widely distributed in all countries and have many property assets. We will invite them (to work together),” said Bally.
The New Natrabu is setting up branches in Kuala Lumpur, Penang, Langkawi, Johor Bahru, New York, and London.
“We aspire to make The New Natrabu a gateway for tourism in West Sumatra and Indonesia around the world. Through the Minang restaurant, we go international," he concluded.