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BreadTalk Group terminates JV agreement with Indonesian partner for Toast Box
BREADTALK Group announced on Monday after trading hours that a joint-venture agreement entered into with its wholly-owned subsidiary BreadTalk International and PT Pura Indah Berkat (PT PIB) in March 2018 was terminated on mutual agreement.
Upon the completion of the JV termination, PT PIB would transfer its 30 per cent equity interest in the joint-venture company, PT BTG Pura Indah Berkat Venture, to BreadTalk Pte Ltd, a wholly-owned subsidiary of BreadTalk, for a consideration of US$1.00.
Accordingly, BreadTalk International and BreadTalk Pte Ltd will hold 70 per cent and 30 per cent of the JV company.
The JV company will continue to operate the exclusive Toast Box chain of outlets in Indonesia. The JV termination is not expected to have any material financial impact on the net tangible assets and earnings per share of the group for the financial year ending Dec 31, 2019.