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BreadTalk consolidates interest in Food Republic Guangzhou
BREADTALK Group said that it has agreed to acquire Wingain Global's 25 per cent interest in Food Republic Guangzhou F&B Management Co for a consideration of S$150,000.
The acquisition, through its unit, will raise BreadTalk's stake in the company from 75 per cent to 100 per cent.
The proposed acquisition is part of ongoing efforts to consolidate BreadTalk's group structure and reflects the group's optimism for its food atrium business operations in Guangzhou, it said.
The consideration represents a multiple of 1.3 times the audited profit after tax of the target company for the financial year ended Dec 31, 2017.
No valuation was carried out in connection with the proposed acquisition and the payment will be satisfied in cash by way of internal resources.
BreadTalk shares fell half a Singapore cent or 0.61 per cent to S$0.815 on Friday.