The Singapore food and beverage company, BreadTalk Group Ltd through its unit, BreadTalk International Pte Ltd terminated the joint venture agreement with Indonesia’s company, PT Pura Indah Berkat (PIB), the company stated on the official statement on Tuesday (Dec 3). It is still unclear what the cause of the termination yet.
The BreadTalk Group’s Spokesperson Shirley Tan Sey Liy said that they made the joint venture agreement on March 23, 2018. At that time, both parties agreed to build PT BTG Pura Indah Berkat Venture as the joint venture company.
However, based on the termination of the agreement, PIB would transfer its 30% equity interest in the joint venture company to BreadTalk Pte Ltd, a unit of BreadTalk Group. As a result, BreadTalk International and BreadTalk Pte will hold 70% and 30% interest of the company, respectively.
“After the agreement termination, BTG Pura Berkat Venture will continue to operate exclusive Toast Box in Indonesia,” say said. Meanwhile, BreadTalk Group previously purchased all Food Junction Management (FJM) shares from its owner, Auric Pacific Group (APGL) for U$80 million. At present, FJM operates food courts and food and beverage outlets in Singapore and Malaysia.