Winding-up petitions filed against PappaRich Group

Singapore

TWO winding-up petitions were filed against food chain operator PappaRich Group Sdn Bhd, the joint venture partner of an indirect subsidiary of Australia-based ST Group Food Industries Holdings. (see amendment note)

The winding-up petitions were filed by investment holdings firm Agathisfour and Chen Khai Voon with the High Court of Malaya, ST Group Food said after Wednesday's trading close.

Hearing for the court application is scheduled for Nov 3 and Sept 21 respectively.

ST Group Food does not expect the petitions to have any impact on the business and operations of its group.

"Our group will still continue to hold the exclusive rights to the PappaRich brand in Australia and New Zealand," it said.

The company will continue to provide further updates to its shareholders and potential investors as and when there are any material developments.

ST Group Food shares closed down 0.2 cent, or 1.7 per cent, at S$0.114 on Wednesday.

Amendment note: An earlier version of this article stated that PappaRich Group Sdn Bhd (PGSB) was a subsidiary of ST Group Food. PGSB is in fact ST Group Food's joint venture partner in relation to Papparich Australia Pty Ltd.