Sakae Sushi's owner to dish up Sesdaq listing

THE owner of Sakae Sushi, known for its conveyor belt-style sushi restaurants, is selling shares to the public for the first time.

Apex-Pal International, which owns and operates Sakae Sushi, yesterday said it has lodged a preliminary prospectus with the Monetary Authority of Singapore for a Sesdaq listing.

Established in 1996, Apex-Pal opened its first sushi restaurant in September 1997.

It has since built a wide network of food and beverage outlets here, including Crepes & Cream - a chain of trendy outlets serving its signature crepes and desserts.

Apex-Pal has 17 Sakae Sushi restaurants and four Crepes & Cream stores.

It has also franchised its business concepts in Indonesia, Thailand and the Philippines.

Said Apex-Pal's chief executive officer, Mr Douglas Foo: 'Our listing will enhance the public image of our company locally and overseas, and will enable us to tap the capital markets for the expansion of our operations both in Singapore and abroad.'

He is a winner of the Rotary-Asme Entrepreneur of the Year Award.

Apex-Pal also operates Nouvelle Events, a food processing and catering outfit here.

It will see how it can increase Nouvelle's supply chain by extending its operations with its franchisees overseas.

For the year ended Dec 31, turnover rose 54 per cent to $23.5 million from $15.3 million in 2001.

Pre-tax profit was up 38.8 per cent to $3.3 million in the same period.

The share sale is managed by SBI E2-Capital, which is also joint underwriter and lead placement agent together with UOB Kay Hian