International Business & Economy GIC and Temasek consider investing in "ripoff" steakhouse by internet sensation Salt...

GIC and Temasek consider investing in “ripoff” steakhouse by internet sensation Salt Bae

Author

Date

Category

- Advertisement -

Both Temasek Holdings and GIC Private Limited are reportedly in talks to acquire a minority stake in a group of luxury restaurants, including Nusr-Et Steakhouse owned by internet sensation Salt Bae.

Temasek Holdings is national wealth fund owned by the Singapore Government. While Temasek disputes being characterised as a sovereign wealth fund and prefers to be called an investment company, its sole shareholder is the Ministry of Finance. GIC is a sovereign wealth fund established by the Singapore Government to manage Singapore’s foreign reserves.

Both the government-owned organisations are looking at co-purchasing D.ream Group, a subsidiary of Dogus Group which owns the steakhouses, along with London-based investment firm Metric Capital. The Financial Times reported that the investment would include about US$200 million of equity.

The Nusr-Et steakhouse, that is part of the Group that Temasek and GIC may be investing in, became extremely hyped up last year after restaurant owner Nusret Gokce shot to fame after a video of him cutting a slab of meat and sprinkling salt with a flourish in his signature style went viral.

- Advertisement -

The Turkish chef, who began to be called Salt Bae after the video began trending, opened several outlets of his restaurant in Miami, Manhattan besides Dubai, Abu Dhabi and Doha.

The hyped up restaurant chain, however, has drawn flak for being a “ripoff” and has accumulated poor reviews from several customers and food reviewers alike. The New York Post was one such publication that wrote in a restaurant review that the dishes at the “underwhelming” restaurant were “overpriced”.

Like the journalists at The New York Post, writers at Eater New York also reported that they “went away still hungry.” Other customers have also complained that the dishes are priced exorbitantly for meagre portions, and that the taste of the dishes isn’t extraordinary either. Many have opined that the restuarant chain is popular not because of the food but because the outlets are “Instagrammable”.

Singaporeans responding to news that Temasek and GIC are considering a stake in the company that owns the steakhouse chain have expressed concerns. One netizen asked: “How much more money do they have to lose?”

Send in your scoop to news@theindependent.sg 

- Advertisement -

Ex-UOB vice-president charged with mishandling over S$5.4 million

Singapore—Sixty-five-year-old Ling Shek Lun, who used to be a  vice-president at UOB, has been charged with mishandling millions of dollars, reported straitstimes.com (ST) on Friday (Feb 19). Ling, a Singaporean who was charged in district court on Feb 10, faces two charges...

Journalist asks Lim Tean if he’ll denounce the racism on Abolish CECA Petition FB page

Singapore—Journalist Kirsten Han asked lawyer and opposition leader Lim Tean on Thursday (Feb 18) on social media whether he will denounce the “blatant racism” on the Abolish CECA Petition Facebook page. Mr Lim, the People's Voice party founder and leader, is named...

Woman prevents passerby from calling ambulance after her husband hits motorcyclist and pillion rider

A video of a woman trying to stop a passer-by from calling an ambulance, after her husband was the one who hit a motorcyclist and his pillion, went viral. The video was circulated online on Wednesday (Feb 17) and published on Facebook...

Send in your scoop to news@theindependent.sg 

Theindependent