According to Zhitong Finance App, Hong Kong Food Investment (00060) announced that on August 24, 2026, Standard Castle, a wholly-owned subsidiary of the Company, and Mog Mog entered into a joint venture agreement to establish a joint venture company, Gourmet Horizon Holdings Limited. According to the terms of the joint venture agreement, Standard Castle and Mog Mog will have a total commitment amount of US$9 million (approximately HK$70.2 million), of which Standard Castle and Mog Mog have commitments of US$2.25 million (approximately HK$17.55 million) and US$6.75 million (approximately HK$52.65 million), respectively. Standard Castle and Mog Mog will respectively hold 25% and 75% of the joint venture's issued share capital, and the joint venture will be listed as a joint venture of the Company under the Equities Act, and its financial results will not be comprehensively included in the Company's financial statements.
The main business of the joint venture is investing in and acquiring restaurant chains.
In order to achieve the Group's strategic goal of sustainable development in the catering industry, the Group has been actively seeking new business opportunities and will gradually invest resources to seize new business opportunities in order to develop new revenue sources and diversify revenue sources.
The Group has sufficient industry resources in the catering industry, has a huge network of suppliers and customers, and enjoys a good reputation in the industry. Mog Mog, on the other hand, operates a large restaurant group and has extensive experience in the restaurant industry. The main goal of the Group and Mog Mog is to develop the joint venture into a leading catering experience platform, and the joint venture aims to achieve synergy by leveraging the complementary advantages of each contracting party.
The Company believes that the establishment of a joint venture will bring new growth opportunities to the Group and enable the Group to expand its business into the catering industry. As of the date of this announcement, the Group, Mog Mog and relevant counterparties are still in discussions on a number of opportunities. Once the required capital is available and relevant preparations have been completed, the joint venture company will be able to seize the relevant opportunities after establishment, which is in the best interests of the Company and its shareholders.
The Board of Directors is confident in the future development of the Group and believes that by continuing to expand its business and enhance its overall strength, the Group will create sustainable and steady value growth for its shareholders.