ST Group Food's JV partner Papparich Group Sdn Bhd to wind up
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ST Group Food Industries' joint venture partner Papparich Group Sdn Bhd (PGSB) was ordered by the High Court of Malaya on May 5 to wind up.
A winding-up petition dated May 15, 2020 was filed by Chen Khai Voon against PGSB.
Chan Siew Mei of KPMG Deal Advisory Sdn Bhd has been appointed as the liquidator.
PGSB is the group's joint venture partner in relation to Papparich Australia Pty Ltd, in which the group has a 50 per cent equity interest. It is not a subsidiary or an entity within the group.
ST Group Food had earlier said the winding-up petition was not expected to have any impact on its business and operations. It will get the details of the written court judgment and winding-up order in due course and could reassess the impact to the group.
The counter last closed flat on Friday at 13 Singapore cents.
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