Suki Teenoi utility token set for 2023 launch

Suki Teenoi utility token set for 2023 launch

Jay Mart makes plans for acquisition target

A branch of Suki Teenoi. Mr Adisak says Jay Mart plans to use technology to enhance the eatery's operational efficiency as it looks to add branches next year.
A branch of Suki Teenoi. Mr Adisak says Jay Mart plans to use technology to enhance the eatery's operational efficiency as it looks to add branches next year.

SET-listed Jay Mart, a holding firm engaged in IT retail, finance and technology, plans to create a utility token for launch next year for the suki restaurant brand Suki Teenoi operated by BNN Restaurant Group.

The scheme is being formulated as Jay Mart announced on Tuesday its plan to acquire a 30% stake in BNN for up to 1.2 billion baht. The deal is expected to be completed in this quarter.

Through the partnership, Jay Mart aims to support technologies to enhance Suki Teenoi's operational efficiency as the restaurant chain plans to add branches next year, said Adisak Sukumvitaya, chief executive of Jay Mart.

The collaboration is part of Jay Mart's synergy strategy, with Suki Teenoi supported with innovative technologies to enhance its supply chain, logistics and consumer engagement.

Mr Adisak also revealed the company plans to clinch another acquisition deal in December, which would be its last for 2022. He declined to elaborate on the deal, saying only it is related to its core businesses of commerce, finance and tech.

Mr Adisak said BNN would be affiliated with Jay Mart's ecosystem, which now has 20 subsidiaries.

"Suki Teenoi has the potential to leapfrog from traditional operational limits through tech innovation," he said.

Suki Teenoi has 42 branches in Bangkok.

Mr Adisak said Suki Teenoi has about 30,000 customers a day through its restaurants and their data could be leveraged to support commercial activities of Jay Mart’s group.

Jay Mart will help BNN achieve growth in performance, expand its branches in Bangkok and upcountry, as well as raise funds on the Stock Exchange of Thailand by 2024, said Mr Adisak.

Only 5% of Suki Teenoi's operation is now tech-driven.

He said the utility token will be used as a commercial voucher or discount coupon under Jay Mart's umbrella, including Suki Teenoi.

The Securities and Exchange Commission will be informed about the utility token project in the near future, said Mr Adisak.

Another project offers pick-up points for Suki Teenoi meals at BTS skytrain stations.

In 2021, Jay Mart entered into its largest partnership deal with BTS Group Holdings, which bought more than 300 million shares newly issued by Jay Mart for 10 billion baht. The purchase was made through VGI Plc and U City Plc, both units of BTS.

Mr Adisak said he strongly believes in a partnership ecosystem as the key to drive success for Jay Mart's group, which is on a path towards exponential growth.

"If our company fails to grab investment opportunities, either through partnerships or acquisitions within one year, we are at risk of falling behind others," he said.

Jay Mart expects a return on its investment in BNN from the end of this year, said Mr Adisak.

BNN booked strong growth in operating results over the past two years despite the pandemic. It booked 1.5 billion baht in revenue in 2021, up from 1.2 billion a year earlier. Net profit was 147 million baht in 2021, up from 140 million year-on-year.

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