KUALA LUMPUR (July 20): DBE Gurney Resources Bhd formed a joint venture (JV) that will see the poultry company supply chicken to HARUMi retail outlets.

In a statement to Bursa Malaysia today, DBE Gurney said it signed the JV agreement with Distinct Legacy Sdn Bhd and Tengku Faizwa Tengku Razif. DBE Gurney said the company and Distinct Legacy would each own 40% in a JV entity while Tengku Faizwa would hold 20%.

DBE Gurney said the company and its business partners will jointly establish an entrepreneur development programme that involved the establishment of HARUMi retail outlets through licence arrangements.

DBE Gurney said: "The JV business will enable DBE to expand its retailing business through HARUMi products. DLSB (Distinct Legacy) and TFW (Tengku Faizwa) have been in the F&B (food and beverage) business for many years and are actively involved in the F&B franchising business in Malaysia as well as overseas."

"As such, the JV business is in line with DBE's intention to increase its market presence in the local poultry industry," DBE Gurney said.

At a press conference during the agreement signing ceremony here today, DBE Gurney group managing director Datuk Alex Ding Seng Huat said the JV company is expected to achieve its target of 1,000 kiosks across Malaysia in the next twelve months.

"To date, we have established more than 100 kiosks across Malaysia and we are on track to achieve our target of 500 kiosks by end of this year through this JV business," Ding said.

At 2:33pm today, DBE Gurney rose 0.5 sen or 12.5% to settle at 4.5 sen with some 16 million shares traded.

Source: http://www.theedgemarkets.com/my/article/dbe-gurney-jv-help-budding-entrepreneurs