BreadTalk buys Star Food shares

Total consideration for the acquisition was S$200,000.

The Directors of BreadTalk Group Limited announced that the company has entered into a sale and purchase agreement with Aspac F&B International Pte Ltd to acquire 2,400,000 ordinary shares in the capital of Star Food Pte Ltd from Aspac.

Star Food was incorporated by the company and Aspac pursuant to a joint venture agreement entered into on 14 May 2008. Under the terms of the JVA, any shareholder that wishes to withdraw from the joint venture will have to offer its shares in Star Food to the other existing shareholder before it can offer them to a third party.

In the event that BreadTalk does not accept Aspac's offer, Aspac will be entitled to transfer its shares to a third party and BreadTalk will then have to work with a new joint venture partner. In view of this, Breadtalk decided to accept Aspac’s offer.

Further to the acquisition, Star Food is now a wholly owned subsidiary of BreadTalk.