KUALA LUMPUR (Aug 22): Hextar Retail Bhd (KL:HEXRTL) has entered into a strategic partnership with Hong Kong fast-casual dining group Tam Jai International Co Ltd (TJI) to introduce a noodle chain in Malaysia.

In a bourse filing, Hextar Retail said it will have the exclusive rights to develop, operate, and manage the ‘Tam Jai’ brand across Malaysia.

It expects to launch the first Tam Jai outlet in Kuala Lumpur in the first quarter of 2025.

In a statement, Hextar Retail managing director Eric Vo Nghia Huu said: “We are excited to join forces with TJI, as we embark on this new chapter of growth and expansion. This partnership aligns perfectly with our strategic vision of delivering exceptional value to our customers and strengthening our position in the local market.”

Datuk Eddie Ong, a major shareholder of Hextar Retail, commented, “TJI’s reputation for quality and innovation perfectly matches our strategic goals. We see immense potential in introducing their unique culinary offerings in Malaysia, and we will continue to support initiatives that broaden the group’s market position.”

Ong owns a direct stake of 10.14% and a indirect 17.48% in the company.

Meanwhile, Daren Lau, the chairman, executive director and chief executive officer of TJI, said Hextar Retail’s deep understanding of the local market and expertise in retail management make it the ideal partner to introduce Tam Jai to Malaysian consumers.

Hextar Retail was formerly known as Classic Scenic Bhd. Since December 2023, the group has embarked on a diversification strategy into the retail business.

For the second quarter ended June 30, 2024 (2QFY2024), the group posted a net profit of RM499,000 on a revenue of RM14.47 million. It currently holds net cash of RM23.63 million.

At market close on Thursday, shares in Hextar Retail closed 1.5 sen or 2.9% lower at 49.5 sen, giving the group a market capitalisation of RM244.13 million.