SINGAPORE – Mainboard-listed Singapore Myanmar Investco Limited and together with its subsidiaries, the “Group”), a progressive business group with a primary focus on Myanmar, is pleased to announce that it has entered into an international area development agreement to set up and develop CBTL in Myanmar.
The Coffee Bean & Tea Leaf was founded by Herbert B. Hyman in 1963. It is owned and operated by International Coffee & Tea, LLC, which has its corporate headquarters in Los Angeles, California. As of 2017, the chain has over 1,000 self-owned and franchised stores in the United States and 31 other countries.
The association between SMI and CBTL goes back to 2016 when SMI secured the franchise rights to operate CBTL outlets within the new Yangon International Airport Terminal (“YIA”). Currently, the Group operates two CBTL outlets in YIA and both outlets have performed well with encouraging results.
Taking this business partnership to the next level with the exclusive international area development agreement, the CBTL brand will form a strategic part of the Group’s growing F&B brand portfolio, which includes Ippudo and Crystal Jade.
With the exclusive agreement, SMI is committed to expand CBTL brand and outlets across Myanmar, with the first CBTL outlet planned for opening by the first quarter of 2018.
Mr. Mark Bedingham, President and Chief Executive Officer of SMI, said: “CBTL has strong brand and quality values that we intend to develop into a solid business foundation and loyal customer following in Myanmar.
Aligned with the growing consumer market in Myanmar, our local market knowledge and operational experience gives us confidence as we further entrench our F&B business presence in this frontier market.”
About Singapore Myanmar Investco Limited
Listed on the Main Board of the Singapore Stock Exchange, Singapore Myanmar Investco Limited adopts a diversified business model to enhance its long-term growth prospects. The Group has identified several growth catalysts in South East Asia’s pioneer markets, specifically in Myanmar.
Capitalising on the underlying growth trends within Myanmar, the Group has ventured into various consumer related and business-related products and services as follows:
- Travel & Fashion Retail
- Food & Beverage
- Auto Services
- Construction Services
- Logistics and Warehouse Services
- Serviced Offices
- Telecom Infrastructure Construction
