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BreadTalk to partner PT Pura Indah Berkat to expand Toast Box chain in Indonesia
BREADTALK Group's wholly-owned subsidiary, BreadTalk International, entered into a joint venture (JV) agreement with PT Pura Indah Berkat (PIB) to operate the Toast Box chain of outlets in Indonesia.
The JV will be 70 per cent owned by BreadTalk International and 30 per cent by PIB. Under the agreement, the first Toast Box outlet is scheduled to open in central Jakarta in 2018.
Currently, PIB manages the Toast Box outlet at Soekarno-Hatta International Airport Terminal 3.
Tan Aik Peng, CEO of BreadTalk Group's Bakery Division, said: "Indonesia is a strategic and important market for us and we are excited to partner PIB . . . We are confident that with our insights and experience from operating Toast Box in Singapore and other regions, our consumers will be able to enjoy our quality Nanyang coffee, toast products and local delicacies in Indonesia."
The investment is not expected to have any material impact on the earnings per share and net tangible assets of the company and the group for the financial year ending Dec 31, 2018.