Retail Food Group
(ASX:RFG) has entered into two joint ventures with leading UAE-based businesses, to accelerate its brand system expansion in the Gulf region.
The food and beverage company says the JVs with the Al Hathboor Group and HKO Group will result in establishing a world class coffee enterprise, focusing on significant untapped commercial opportunities in the Middle East and North African regions.
Under the agreements, Retail Food Group will maintain a 50 per cent interest in the JVs, while also retaining Middle East brand system royalties and coffee income streams.
The company says it’s a significant breakthrough in the company’s long-term strategy and the JVs will support its continued diversification and global expansion with their resources and expertise.
Shares in Retail Food Group
(ASX:RFG) are trading 1.79 per cent higher to $4.54.
