Daebon Korea's stock has surged following news of its expansion into the North American market, including a restaurant venture in Canada and local sauce production in the United States.
As of 9:24 a.m. on August 18, Daebon Korea shares were trading at 19,000 won, up 3,110 won (19.57%) from the previous trading day, according to the Korea Exchange.
The surge in investor sentiment is attributed to Daebon Korea's announcement of a partnership with a Canadian hotel and real estate company, as well as plans to produce sauces locally in the U.S.
During a business trip to North America, CEO Baek Jong-won signed a memorandum of understanding (MOU) with Sunray Group, a Canadian company that operates around 80 hotels under global brands such as Marriott, Hilton, and Hyatt.
The two companies plan to convert existing Sunray Group locations in the Markham area of the Greater Toronto Area to Daebon Korea's restaurant brands. They are also considering adding Daebon Korea brands to other hotels and commercial facilities owned by Sunray Group.
Additionally, Daebon Korea aims to expand the distribution network for its own sauce brand, TBK. CEO Baek met with executives from two major Canadian food distribution companies to discuss increasing local sales of TBK sauces and other Daebon Korea products. Plans include promotional events in local supermarkets, pop-up food court stores, and menu development using TBK sauces.
Through local production, Daebon Korea intends to reduce logistics costs and supply times while establishing a supply chain to support the expansion of its restaurant and distribution businesses in the U.S. and Canada.
* This article has been translated by AI.
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