Career | Feedback | Contact Us
中文网站
 Corporate Information     
Stock    
News/Announcement    
Financial Information     
Annual Reports
IPO Prospectus  
Main Shareholders  
Events  
FAQs  

English News on Apex-Pal

Plans to take Sakae Sushi to N.Korea

By Lee Su Shyan, Companies Correspondent - Oct 12, 2006
The Straits Times

Owner Apex-Pal also keen to bring communist state's cuisine to S'pore

A SINGAPORE businessman who was in North Korea the day it announced its nuclear test intends to take his Sakae Sushi restaurants to the communist state. This, despite global concerns over its military stance.

Mr Douglas Foo, chief executive of Apex-Pal International, the chain's owner, might also bring North Korean cuisine here, a concept that is not as far-fetched as it might seem.

If his ambitions in the country are successful, Apex-Pal is likely to be the first Singapore company to have a presence in North Korea.

Mr Foo, who left Pyongyang for Beijing on Monday, the day the test was announced, is not deterred by the closed-off nature of the hardline communist state.

'There is a vast amount of untapped opportunities there,' he said, adding that there is 'almost no competition' among its restaurants, which already include some high-end Japanese eateries.

The market is also more expansive than many would realise with a few hundred expatriates from Russia and China based in Pyongyang, mostly working in the mining sector.

The various state-owned enterprises would also be a target market for the Japanese restaurant chain.

Apex-Pal, which has Sakae Sushi outlets in Malaysia, Thailand, the Philippines, China and Indonesia, will take a cautious approach to any North Korea investment. But Mr Foo added: 'Once things stabilise, we can move very quickly.'

He seems even more upbeat about giving Singaporeans a taste of North Korean cuisine. 'We're looking to bring Sakae Sushi to other countries and bring other concepts from overseas back to Singapore,' he said.

What has piqued Mr Foo's interest is the uniqueness of North Korea's food. There has been little outside influence, unlike in South Korea, and food preparation still relies on traditional methods. He said: 'The food is served in a dozen little gold bowls, with interesting dishes involving root vegetables and fish.'

What may also appeal to Singaporeans are the medicinal properties of the dishes. Certain ones using root vegetables marinated in herbs apparently have pick-me-up properties.

In fact, the popular South Korean drama Jewel In The Palace, featuring a female court physician who combined the elements of food and medicine, was based on North Korean cuisine.

Mr Foo said that 'with limited exposure to medical developments, North Koreans use food as a health supplement and remedy'.

'Singaporeans are so concerned about their health that with this concept, they can enjoy the eating experience and still maintain a healthy diet.'

There are also familiar dishes that will put Singaporeans at ease - kimchi or fermented cabbage and Korean barbecue. The cuisine also has a version of the Chinese 'Buddha Jumps Over the Wall' dish which comprises sea cucumber, mushrooms and abalone.

But Singaporeans may find another aspect of the 'authentic' North Korean dining experience alien: The 'educated and cultured service staff can even sing, dance and play traditional Korean instruments', said Mr Foo. The whole experience, from food to service, is so unusual, he said, that the firm could roll out the concept in other countries.

Mr Foo made his first visit to North Korea in 2001 as part of a Singapore Manufacturers' Federation delegation and has maintained the contacts he made then. If the political situation stabilises, the North Korean concept could be in Singapore as soon as next year.

North Korea is not the only far-flung country on Apex-Pal's radar screen. 'There are many other markets shouting for our attention,' Mr Foo added.

The firm is working on various joint ventures to open Sakae Sushi outlets in places such as New York, Dubai and Russia over the next year.

For the six months ended June 30, Apex-Pal posted a profit of $2.4 million profit on revenues of $30.7 million.

Gastronomic exchange

MORE than just rolling out the Sakae Sushi chain in North Korea, Mr Foo is also keen to give Singaporeans a taste of North Korean cuisine. What piques his interest is the food preparation which still relies on traditional methods.

What may also be appealing are the medicinal properties of the dishes. There are also familiar dishes that will put Singaporeans at ease - like kimchi or Korean barbecue.

But Singaporeans may find another aspect of the dining experience alien: The 'educated and cultured service staff can even sing, dance and play traditional Korean instruments', says Mr Foo

 

.

________________________________________________________________________________________________________________
Best viewed with 1024 x 768 on IE 5.0 and above.
 
Copyright ©2007 Singapore Press Holdings Ltd. Co. Regn. No. 198402868E. All rights reserved.
Privacy Statement     Conditions of Access     Advertise