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Winding-up petitions filed against PappaRich Group
WINDING-UP petitions have been 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 two petitions were filed separately by Chen Khai Voon and investment holdings firm Agathisfour with the High Court of Malaya, ST Group Food said after Wednesday’s trading close.
Hearings have been scheduled for Nov 3 for Agathisfour and Sept 21 for Mr Chen.
ST Group Food does not expect the petitions to have any impact on its business and operations. “Our group will continue to hold the exclusive rights to the PappaRich brand in Australia and New Zealand,” it said.
The company will provide further updates to its shareholders and potential investors when there are material developments.
Shares of Catalist-listed ST Group Food closed down 0.2 Singapore cents, or 1.7 per cent to 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.