George Quek turns to trade pact to resolve Pacific Sogo woes

BREADTALK founder George Quek is looking to a Singapore-Taiwan free trade pact to resolve the issues encountered in his recent personal acquisition of Taiwan's Pacific Sogo Department Stores.

Mr Quek had told The Business Times that he and a long-time business partner had entered into a deal with Taiwanese businessman Lee Heng-lung to acquire the bulk of the latter's claimed 60 per cent stake in Pacific Distribution Investment. Pacific Distribution Investment's main asset is Pacific Sogo Department Stores, which has stores in both Taiwan and mainland China.

The deal would see Singapore-incorporated firm Clover that is used to make the acquisition own more than 50 per cent interest in Pacific Sogo, giving Clover the management and controlling rights, according to Mr Quek.