• Senko Group Holdings Co., Ltd. ("Senko") is listed on the Tokyo Stock Exchange and is a leading integrated logistics player
  • MK Restaurant Group PCL (MK) is a major Thai sukiyaki restaurant chain operator running about 640 dining outlets under nine brands
  • MK was looking to spin off its logistics division into a joint venture with a partner to cater to the growing demand from food and food-related sectors in the country, providing frozen and chilled food logistics services including warehousing and transportation



  • Daiwa was retained by Senko as exclusive financial advisor to provide advice on the establishment of a food service logistics joint venture with MK in Thailand
  • Daiwa advised on the joint venture set-up based on a combination of capital and asset contribution from the respective parties



  • Senko and MK set up the joint venture M-Senko Logistics in March 2018 in Bangkok to provide frozen and chilled food logistics services including warehousing and transportation in the country
  • With a registered capital of 1.3 billion baht, M-Senko Logistics was equally funded by respective investors at 49.75% each, while J-Will International (Thailand) Co., a Bangkok-based Japanese consulting firm, held the remaining 0.5%
  • The new venture estimated 2019 revenue of 800 million baht, and aimed to generate annual sales of about 1.8 billion baht in three years when its operations reached full capacity
  • It also planned to expand its logistics services in Cambodia, Laos, Myanmar and Vietnam
  • With a total investment of 1.5 billion baht (c.US$47 million), M-Senko planned to build a 52,800-square-meter cold storage warehouse and a dry warehouse with 7,000-9,000 square meters of space in Samut Prakan Province south of the capital, as well as procure 170 refrigeration trucks
  • The cold storage warehouse was expected to start operating in August 2019, with the dry warehouse scheduled for completion in the spring of 2019