SINGAPORE - Local food and beverage player BreadTalk Group will be delisted from the Singapore Exchange on Friday (June 5), with the completion of its compulsory acquisition by offeror BTG Holding.
In a bourse filing on Wednesday, BreadTalk said that the delisting will take effect at 9am on Friday.
BTG Holding is owned by BreadTalk founder George Quek, his wife Katherine Lee and Thailand-based hospitality company Minor International.
BreadTalk suspended trading of its shares on April 21, ahead of its application to delist.
The company, which posted a net loss of $5.8 million for the whole of 2019, has faced financial struggles in recent times.
It said in exchange filings earlier this year that its operating environment "remains challenging across key markets, including Singapore, China and Hong Kong".
The coronavirus pandemic has further weighed on the group, which also operates F&B outlets Food Republic and Toast Box.
In March, BreadTalk announced that it was cutting salaries for senior management and middle-management executives, with employees taking pay cuts of between 10 per cent and 50 per cent from March to June.
The group has also had reshuffles at the top in the past year.
Former chief financial officer and chief investment officer Chan Ying Jian resigned from BreadTalk in January, with Mr Quek taking over the overseeing of the group's accounting, financial, treasury and tax matters.
Mr Quek also took on the role of interim chief executive after Mr Henry Chu quit for health and personal reasons, the company announced in September last year.