BreadTalk Group ends joint venture with Indonesian partner for Toast Box
The termination is not expected to impact the group’s earnings for the financial year.
BreadTalk Group’s wholly-owned subsidiary BreadTalk International (BTI) and PT. Pura Indah Berkat (PT PIB) have mutually agreed to end their joint venture agreement to develop and operate the Toast Box brand in Indonesia.
Upon the completion, PT PIB would transfer its 30% stake in the joint venture company, PT BTG Pura Indah Berkat Venture to BreadTalk Pte. Ltd. (BPL), another wholly-owned subsidiary of the group, for a consideration of US$1.
Accordingly, BTI and BPL respectively hold 70% and 30% of the shares of the joint venture, which will continue to operate Toast Box in Indonesia.
The group says the termination of the agreement is not expected to have any material financial impact on the net tangible assets and earnings per share of the group for the financial year ending 31 December 2019.
Photo credit: Toast Box Indonesia Facebook
