Sakae

Sakae votes out director over 'financial impropriety'

http://news.asiaone.com/News/AsiaOne%2BN...09706.html

By Jonathan Kwok
The Straits Times
Thursday, Mar 21, 2013

Auditors Deloitte & Touche LLP have again qualified Sakae's FY13 (ended 31Dec13) financial statements on account of the company's decision not to equity account for its investments in 2 associates GREIH and GCM…..
http://infopub.sgx.com/FileOpen/Sakae_An...eID=289545 [Sakae's announcement]
http://infopub.sgx.com/FileOpen/Signed_A...eID=289546 [Deloitte & Touche's qualified opinion]

It is quite clear that Sakae's decisions - including having provided in full the group's total financial exposure to GREIH and GCM amounting to $10.468m in FY12 - is based on financial prudence. Unless the moneys and property assets in the 2 companies have disappeared, it does look like Sakae will stand to recover quite a substantial sum at the end of the legal suit against Andy Ong.

Off topic rant - I hate Sakae Sushi food. Not nice and no value for money.

Sakae's move is warranted as their food is not that fantastic. I think they will just become yet another failed Sushi chain.
So far, I think a better mass market one is Itacho.
Will never go back to Sakae once you tried Itacho.
Infact, never went back since don't know when.... it is just not a place to eat sushi.

Sushi Express is also better than sakae. Single price and efficiency is a very powerful F&B concept.
I like Itacho too.

Sakae mgt probably not great either. Just go to their HQ and compare with their neighbour Breadtalk IHQ.
Sakae HQ - so so food court
BT IHQ - Bank, DTF, RP, FR, TB, other retail..

(03-04-2014, 12:43 PM)opmi Wrote: Breadtalk IHQ.
BT IHQ - Bank, DTF, RP, FR, TB, other retail..

Well Breadtalk IHQ is featured in our master plan 2013.
Master Plan 2013 Economy Strategies



another picture is on Jurong lake district.
This one from URA master plan shows Westgate - Capitamalls logo.
LKH exercised it's option to acquire the office strata units on levels 6 - 25 mid Jan this year.



The ura map below shows the elevated pedestrian walkway connecting all the buildings in Jurong Lake districts.
P.S. Genting is building a hotel opposite Jurong regional library too.
Genting hotel is at the bottom left corner marked as Hotel Clusters.


Love Compassion

(03-04-2014, 12:43 PM)opmi Wrote: Sushi Express is also better than sakae. Single price and efficiency is a very powerful F&B concept.
I like Itacho too.

Sakae mgt probably not great either. Just go to their HQ and compare with their neighbour Breadtalk IHQ.
Sakae HQ - so so food court
BT IHQ - Bank, DTF, RP, FR, TB, other retail..

agree that sushi exp is so much better than sakae (more value for money).

For me I think Sakae quality is better than Itchiban. I wont say the price is the cheapest though. At one branch i saw the new hires being briefed on their schedules, quite a many of them are locals. That's heartening to see.

Sakae's service and quality of food really varies from locations. Generally I can see a gradual drop in standards and it is a far cry from the yester years when the owner will always strive to live up to standards and come up with new variety of japanese food.

Pricing wise is getting closer to Sushi Tei and Itacho. Still the food quality and variety is not there. I hope Sakae has a better strategy to counter all this and vested shareholders should have a say or query at the next AGM.

lol, following Peter Lynch's style, I will avoid Sakae and Itchiban if thats the case.