SINGAPORE - F&B chain BreadTalk has bought out its partner in a joint venture in Thailand, acquiring the remaining 50 per cent interest in the company that it does not own from The Minor Food Group (MFG) for 160 million baht (S$6.96 million), it said on Wednesday (Feb 20).
The joint venture with MFG, BTM Thailand, was set up in 2014, with BTM appointed the BreadTalk franchisee in Thailand to operate BreadTalk outlets in Thailand, and look into future expansion. BreadTalk said in 2014 that the "strategic partnership" was meant to further develop the BreadTalk brand in Thailand, taping on MFG's established track record of operating F&B outlets in Thailand. MFG also operates the ThaiExpress and Xin Wang Hong Kong Cafe chains.
According to BreadTalk Thailand's website, the group has roughly 50 branches in the country.
Shares of BreadTalk was trading at $0.88 as at 9.05am, unchanged from the previous day's close.