Founding Partners sell out to Datuk Chai

August 10, 2020

The Oversea Restaurant Group began business in 1977 when founder Yu Soo Chye @ Yee Soo Chye and partners started the first “Restoran Oversea” in Jalan Imbi, Kuala Lumpur which offered fine dining Cantonese cuisine, ala-carte dining and wedding banquet functions. Yu Soo Chye started as a kitchen helper in a restaurant in the 1950s and he learned the skills of managing the ins and outs of a restaurant. Restoran Oversea was the culmination of twenty years of hard work and savings.

In the 1980s, two brother-in-laws joined him in the business. Khong Yik Kam, now 70, was helping out with the operations of the restaurants and Lee Seng Fan, now 53, was until recently the Chief Chef of the Oversea Restaurant chain. Yu Soo Chye’s son, Yu Tack Tein, now 45, joined the family business in 2001. Tack Tein holds a Bachelor of Engineering from Loughborough University, U.K. He worked for a few years before being roped in by his father to help with the strategic management of the Oversea Group.  

More than 40 years into the restaurant business, Yu Soo Chye, together with his brother-in-laws and son sold their combined stake of 63.37% for RM45.37 million or 30 sen per share to Datuk Chai Woon Chet, son of Tan Sri Chai Kin Kong, and ceased to be substantial shareholders in listed Oversea Enterprise Berhad on 7 August 2020. Datuk Chai, 41, is the Managing Director of Anzo Holdings Berhad, an integrated contractor based at Pandamaran Industrial Area, Port Klang.

To date the Oversea Group’s operation of food service outlets entails a chain of five (5) Chinese restaurants, two (2) outlets in Klang Valley, two (2) outlets in Ipoh and one (1) in Genting Highlands. The Group also operates café and dim sum outlets and manufactures mooncakes for the annual mid-Autumn festival which is sold locally and exported internationally. Throughout the years, the Group have received many awards and recognitions, which include, amongst others, “Asia’s Finest Restaurants”, “Greatest Table in Kuala Lumpur” and “Winner of World Gold Kitchen Cooking Grand Competition”. Other international recognition includes accolades such as “International Restaurant of Chinese Cuisine” awarded by “The World Chinese Cuisine Association.”

The Oversea brand is well known but still competition and the changing restaurant landscape had led the Group into the red since 2018. With the covid-19 pandemic lockdowns and movement restriction orders, many top restaurant groups have suffered loss of earnings. The Oversea Group was not spared.  It is not surprising that Yu Soo Chye who is in his 70s now should decide to call it a day. He has certainly done well over the years from very humble beginnings.

The question now is what will Datuk Chai and his father, Tan Sri KK Chai, do with the Oversea Restaurant group? We will have to wait and see.

 

Read more

  1. Oversea Group of Restaurants. About us. http://www.oversea.com.my/about-us/
  2. The Star.6 August 2020.  Joseph Chin. Anzo MD Chai Woon Chet takes a 63% take in Oversea Enterprise. https://www.thestar.com.my/business/business-news/2020/08/06/anzo-md-takes-63-stake-in-oversea-enterprise
  3. Anzo Holdings Berhad. 2019 Annual Report. https://www.anzo.com.my/investor/annual-report
  4. Iconic Worldwide Berhad. About.  https://www.iconicworldwide.com.my/about/
  5. New Straits Times. 3 May 2019. Ooi Tee Ching. New shareholder Tan suggest Sanbumi change name to Iconic Worldwide. https://www.nst.com.my/business/2019/05/485131/new-shareholder-tan-suggest-sanbumi-change-name-iconic-worldwide