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BREADTALK Group Limited announced on Thursday that its indirect 90 per cent-owned joint venture company, BTG-Song Fa Venture Pte Ltd, has incorporated a wholly-owned subsidiary in Shanghai.
BreadTalk said that the registered capital of the incorporation of Song Yu (Shanghai) Management Co Ltd is US$3.01 million. Principal activities include restaurant management, corporate management consultation, and import and export business and provision of relevant services.
The incorporation is funded through internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the company for the financial year ending Dec 31, 2017.
BreadTalk closed trading at S$1.60 on Thursday, up one Singapore cent, or 0.63 per cent.