KUALA LUMPUR: In a significant move towards expanding its horizons, Malaysia's homegrown fast-casual Korean restaurant chain, Myeongdong Topokki, is contemplating a listing on Bursa Malaysia Securities Bhd, with plans set as early as 2026.
Its chief executive officer Vincent Lua said this potential listing on Bursa Malaysia is seen as a pivotal step for Myeongdong Topokki, allowing the Korean restaurant chain to broaden its investor base and provide an opportunity for the public to have a stake in the brand's success.
"We hope to materialise this initiative within three to five years. That is the trajectory we are aiming for – to become a public company accessible to every individual interested in our brand, rather than remaining confined within the private sector," he told Business Times in an interview.
At the moment, Lua said Myeongdong Topokki, is set to make significant strides in its regional expansion plans for the coming year, targeting 80 outlets in Malaysia, 15 in Indonesia and two in Brunei.
While Indonesia takes centre stage in the expansion strategy, Lua said the company also eyes entry into the Philippine market post-stabilisation in Indonesia.
"Our expansion plan for next year will focus on Indonesia. We will adopt a new concept, focusing on shop lots instead of shopping malls, aligning with the evolving consumer trends.
"On the Philippine market, we were reluctant to go to this market because we do not want to stretch our team. We need to get engaged and understand the Indonesian market first, so we are spending a lot of our time going into Indonesia.
"After we stabilise a bit, probably by the middle of next year, I will look into the Philippines," he said.
Acknowledges the challenges of entering diverse markets, Lua emphasising the need to understand local cultures.
Varied culinary preferences have led the company to introduce different menus tailored to specific markets.
"Our biggest challenge right now is going abroad because we need to understand the market.
"Cultural nuances have influenced menu offerings, with chicken ramen being the best seller in Malaysia, while the Indonesian market leans towards chicken bulgogi," he said.
Moving forward, Lua said Myeongdong Topokki is also committed to a sustainable business approach.
He said the company is actively pursuing the Net Zero Carbon initiative, integrating solar panels atop central kitchens to harness solar energy.
"In addition, we will also set an ambitious target to eliminate single-use plastics, so we can protect the environments and climates for that.
"We have started to do some of these initiatives in our outlets. It is not an easy thing to do, but we are confident to achieve all of these targets," he added.