BreadTalk founder's stake in Pacific Sogo 'will not give management rights'

Singapore

BREADTALK founder George Quek's acquisition of a stake in Taiwan's Pacific Sogo Department Stores will not give him and his business partner management and controlling rights, Sogo holding company Pacific Distribution Investment Company said in a media release on Tuesday night.

Mr Quek had previously told media that he and long-time business partner Weng Chun-chih, via Singapore-incorporated company Clover Private Ltd, had entered a deal with Taiwanese businessman Lee Heng-lung to acquire the bulk of the latter's claimed 60 per cent stake in Pacific Distribution.