Singaporean bakery and restaurant operator BreadTalk is to be delisted from the Singapore stock exchange tomorrow (June 5) following its mandatory acquisition by BTG Holding.
The firm applied to delist from the exchange following the suspension of trading on April 21. The new owning entity is owned by BreadTalk’s founder George Quek and his wife, along with Thai food & hospitality firm Minor International.
The group’s stakeholders offered to acquire all the ordinary shares in the firm and delist the company in February. At the time, Minor and Quek said they planned to undertake a review of the business following its delisting with a view to streamlining business activities, refocusing on and strengthening core business activities and exploring the potential disposal of non-core property assets.
BreadTalk filed losses of US$4.1 million last year and was struggling financially long before the advent of the coronavirus pandemic, which worsened matters.
The firm’s business “remains challenging across key markets, including Singapore, China and Hong Kong,” according to official filings submitted by the firm.