Cooks Global Foods board appointments to bolster Esquires China growth plans
Cooks Global Foods Limited (NZAX:CGF, Cooks) is pleased to announce the appointments of Mr Peihuan Wang and Mr Hui Zhe to the Cooks Board.
As part of a $9 million capital raising and share sale completed earlier this year, China’s Jiajiayue Group Co. Ltd (JJY) became a major shareholder in Cooks, and Yunnan Metropolitan Construction Investment Group Ltd (YMCI), an existing substantial shareholder, increased its shareholding.
Following the completion of the transactions, JJY was invited to nominate one director to the Board of Cooks. Similarly, in light of YMCI’s continued support, YMCI was also invited to nominate one director to the Cooks Board.
Mr Wang, representing JJY and Mr Hui, representing YMCI, are these nominations and they join the Board on 29th of April, 2016.
Cooks Global Foods Executive Chairman Keith Jackson said: “We are delighted to welcome Mr Wang and Mr Hui to the Board.
“The commitments of these significant Chinese enterprises to the success of Cooks Global Foods on the ground and at a Board level will assist the company to realise the significant potential we see in China, where we are targeting 180 stores by 2020.
“Our strategic agreements with JJY, YMCI and the earlier agreement with the Shenzen listed Bu Bu Gao (Better Life), firmly position the company to expand the Esquires Coffee footprint in Chinese provinces with a combined population of 210 million people. We are excited about this opportunity and the potential we enjoy in a number of other territories around the world.”
Peihuan Wang is currently the Chairman and General Manager of Shandong Jiajiayue Investment Holdings Co. Limited and Vice President of the China Chain Store and Franchise Association.
Mr Wang also currently sits on the board of New Zealand company Weihai Station Limited, which runs farming operations and was granted consent from the overseas investment office to buy 595 hectares of land situated southwest of Auckland.
Mr Wang has been the recipient of a number of awards in China including ‘the National Quality Excellent Manager’, ‘Person of the Year - Chinese Chain Industry’, ‘Person of the Year - Chinese Retail Industry’, and ‘Weihai City Mayor’s Quality Award’.
Mr Wang is of Chinese nationality and resides in the Shandong Province. He brings a wealth of knowledge to the Board on the Chinese retail industry. JJY operates more than 600 supermarkets in China and employs more than 30,000 staff.
Hui Zhe is currently the General Manager of YMCI Beijing Hotel, and is in charge of both the hotel development, and operational businesses for YMCI and its subsidiaries.
At present YMCI has 6 trading hotels and 6 under development. YMCI has invested over 7 billion RMB in the hospitality industry in China, forming partnerships with Intercontinental Group, Hilton Group, and Banyan Tree Group.
Mr Zhe graduated from Xiamen University with a Bachelor of Accountancy in 1992 and has since worked as a financial controller for 15 years. Mr Hui has worked in the hospitality industry for over twenty years, during which period he has represented property owners to major international hotel management groups; chaired and participated in planning, constructing, operating and financing aspects of multiple hotel development projects; partnered and co-managed hotels with Hilton Group, Hyatt Group, Intercontinental Group, Marriott Group, Banyan Tree Group and other international hotel groups.
About Cooks Global Foods:
Cooks Global Foods operates in world markets and is listed on the NZAX market operated by NZX Limited in New Zealand under the code CGF. It owns the intellectual property and master franchising rights to Esquires Coffee Houses worldwide excluding New Zealand and Australia. Cooks currently operates or franchises Esquires Coffee Houses in the United Kingdom, Ireland, the Middle East and China. Related businesses within the group include New Zealand-based supply companies Progressive Processors and Scarborough Fair, which supply product into both Esquires stores and other third party customers. See: www.cooksglobalfoods.com.