SINGAPORE March 2020
BreadTalk founder seeks to delist after continued losses
BreadTalk Group Chairman and Founder George Quek is now looking at delisting the company from the Singapore Exchange (SGX) after reporting a net loss of S$8.1 million (US$5.6 million) for the 4th quarter 2019. For the whole year 2019, BreadTalk reported a net loss of S$5.2 million (US$3.6 million).
Mr Quek is making a voluntary cash offer to buy back all of the issued ordinary shares at S$0.77 (US$ ) a piece through BTG Holding, which he owns with his wife Katherine Lee and Minor International, a hospitality and leisure company listed in Thailand.
A formal offer document setting out the terms and conditions of the offer is planned to be sent to BreadTalk shareholders by March 2020.
BreadTalk noted in its financial statements that its operating environment "remains challenging across key markets, including Singapore, China, Thailand and Hong Kong, and the management team has been working actively to turn around the loss-making businesses."
The coronavirus outbreak has added further challenges to operations, it added, and "the uncertainty in Hong Kong will continue to have a negative impact on its food atrium and bakery businesses in the territory". BreadTalk also saw widening losses across several brands such as Wu Pao Chun and Song Fa. Mr Quek recently took on major roles in the business after a series of resignations. He is now overseeing the group's accounting, financial, treasury and tax matters with the help of the group financial controller and division financial controller. He also took on the role of interim Chief Executive after Mr Henry Chu quit for health and personal reasons.
He believes that privatising BreadTalk will give the company more flexibility to address challenges it is facing, manage the business and optimise the use of BreadTalk's management and resources. If delisted from the Singapore Exchange (SGX), BreadTalk will also be able to save on expenses and costs relating to the maintenance of a listed status.



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