Taipei, Oct. 9 (CNA) Bafang Yunji International Co., a leading dumpling chain in Taiwan, has agreed to acquire a 69 percent stake in the Dante Coffee chain in a bid to diversify its business, it said Friday.
In a statement, Bafang Yunji said the acquisition will give it another food brand, adding to its pork rice chain Liang She Han, boxed meal vendor Bai Fung Bento, and Bafang Noodles.
The dumpling vendor said it will pay cash to acquire Dante Coffee, which has 67 outlets in Taiwan, but it did not disclose any financial details. The acquisition plan was approved at a board meeting Thursday.
As of the end of 2019, Bafang Yunji owned 981 dumpling stores, and another 51 outlets of its other food brands.
Established in 2000, Bafang Yunji expanded overseas to Hong Kong in 2008 and then to other Chinese cities such as Tianjin, Shenyang, Hangzhou, Fuzhou, Xiamen, Shenzhen and Guangzhou, starting in 2014.
It plans to open outlets in the U.S., Japan and Singapore markets in the future.
In the first half of the year, Bafang Yunji had earnings per share (EPS) of NT$4.99 (US$0.17), up about 26 percent from a year earlier, on a 4.6 percent year-on-year increase in sales. It had EPS of 8.09 in 2019 and NT$8.12 in 2018.
The company listed its shares on Taiwan's emerging market on Sept. 29. In Taiwan, a company is asked to first list its shares on the emerging market for no less than six months before deciding to launch an initial public offering on the main stock exchange or the over-the-counter market.
On Thursday, Bagang Yunji shares traded between NT$160.00 and NT$177.50 on the emerging market. The local stock market was closed Friday for the National Day long holiday weekend.
