Asyaf Investment Company and Tom Tom Food Company Ltd. “Tom Tom” announce that the Asyaf Investment Company has acquired the entire ownership of the Tom Tom restaurant chain and increased the company’s capital by an amount of 15 million Saudi riyals in order to finance the company’s future projects.
The “Tom Tom” chain of restaurants is one of the first restaurants that excelled in serving grilled chicken, as its first branch was established in 1999. The TomTom brand is distinguished by offering 85 different products through 28 branches in Riyadh. It employs a trained team of 190 male and female employees. The company aims to establish a strong relationship with customers by adhering to the highest quality standards and offering several distinct flavors.
Mr. Saad bin Abdullah Al-Maqrni, Managing Director and CEO of Tom Tom Restaurants, commented on the signing ceremony of the deal today, saying: “We are pleased with the participation of Asyaf Investment Company, and we look forward to working together to achieve our goals through a well-thought-out work plan to provide the best customer experience and develop our food products. And the performance of our team and the increase in the number of branches within the city of Riyadh and all cities of the Kingdom of Saudi Arabia and abroad, in order to become the first restaurant in serving grilled chicken meals.
Mr. Ayman bin Khalid Al-Ateeqi, (Managing Director and CEO) of Asyaf Investment Company, said, “The opportunity to invest in a prestigious restaurant such as Tom Tom is a unique opportunity for our customers to contribute to the growth of a leading local company.”
He added: “The food and fast-food sector in the Kingdom, which is classified among the most important hospitality sectors related to tourism and entertainment, especially in major cities with high population density, is rapidly developing due to various economic and social conditions, which prompted many observers and interested parties to evaluate the restaurant and fast-food market in Saudi Arabia is one of the fastest growing markets in the Middle East.
The growing demand, which is due to several economic and social reasons, in addition to the significant growth in population numbers, is a major driver of the food and fast-food sector in the Kingdom. Regarding the target market, it is for all ages and segments, although the focus is on the young and young age group, as it is the largest and most numerous. Spending in the field of fast food, and they are the educated, working, and good-income segment – both men and women, of course.
In developing TomTom, we will rely on a series of marketing, financial and technical plans that will positively reflect on its financial performance and productivity. We will work to develop the company and move it from a local chain of restaurants to a leading brand in the fast-food arena.”
Regarding investment exit opportunities, the managing director and CEO of Asyaf Investment Company clarified that the company aims to exit through offering and listing in the Saudi capital market after fulfilling all regulatory requirements and upon completion of the implementation of all necessary development plans.
Regarding the company’s plan for geographical spread, the company has 28 branches until now throughout the city of Riyadh, which made it able to achieve a high growth rate in terms of the number of customers and sales operations.
Several new openings have been planned in various regions of the Kingdom, in addition to entering into several agreements with several companies to benefit from cloud restaurant services.
About Asyaf Investments
Asyaf Investments is a leading Saudi company in the field of investment management in the private markets (Private Markets) and relies on a unique business model that aims to provide its clients with investment opportunities in multiple asset classes including private equity, venture capital, private debt instruments, and real assets.
Asyaf Investment Company is a closed Saudi joint stock company registered according to the regulations in force in the Kingdom of Saudi Arabia, and its head office is located in Riyadh – Kingdom of Saudi Arabia. Asyaf Investment Company obtained a license from the Capital Market Authority to engage in the activity of managing private investment funds, managing portfolios of experienced investors, arranging merger and acquisition deals, and providing advisory services in the securities business. This is pursuant to License No. 32-20213, issued pursuant to a decision of the Board of the Capital Market Authority on 9/14/2020.
Asiaf Investment Company aims to provide investment banking services and asset management products through its network of international relationships, business partnerships, employees, agents, and distribution partners, to a selection of multiple clients, such as sovereign and government funds, international institutions, companies and family groups in the countries of the Gulf Cooperation Council in general and in the Kingdom of Saudi Arabia in particular.
For more information, contact:
Asyaf Investment Company
9200 00 378