BreadTalk Group appoints PrimePartners as IFA

BREADTALK Group has appointed PrimePartners Corporate Finance as the independent financial adviser (IFA) for the S$0.77 per share voluntary cash offer that will take the company private.

BreadTalk first announced the offer on Feb 25, after it reported a net loss of S$8.1 million the evening before, for the three months ended Dec 31, 2019. This is in contrast to a net profit of S$8.9 million for the previous year. 

The offeror is BTG Holding company, a special purpose vehicle owned by BreadTalk's founder and chairman George Quek; BreadTalk's deputy chairman and executive director Katherine Lee, who is also Mr Quek's wife; as well as Minor International, a Thai-listed hospitality company.

Minor International owns 99.7 per cent of The Minor Food Group. Minor Food in turn owns Primacy Investments, a substantial shareholder of BreadTalk with a 14.2 per cent stake.

BreadTalk closed at S$0.76 on Friday, up 0.5 Singapore cent or 0.66 per cent.