ABR Holdings on Tuesday terminated its conditional joint venture with Palate Group, a joint venture meant to develop, operate, franchise and manage its food and beverage brands.
The joint venture All Best Foods, announced earlier this year, was meant to tap the industry knowledge and experience of Palate Group's founder to manage and further develop ABR Holdings' food and beverage brands.
But "after a strategic review of its operations, and further to discussions with Palate Group", the board has decided to end the joint venture.
ABR has thus bought over the 49 per cent stake that Palate Group held in All Best Foods for S$2.94 million, and All Best Foods is now a wholly owned subsidiary of ABR. The key founder of Palate Group has also resigned from all offices held in All Best Foods and its subsidiaries.