SGX-listed BreadTalk has bought out its Thai joint venture partner stake for $5.15 million while the share price of Zen Corporation surged 17.69% on its trading debut after it raised $31.35 million in IPO earlier this month.
BreadTalk buys out 50% stake from Thai partner
Food and beverage firm BreadTalk has acquired the remaining 50 per cent in the joint venture company from its partner The Minor Food Group (MFG) for 160 million baht ($5.15 million), according to a Straits Times’ report on Wednesday.
The joint venture with MFG, BTM Thailand, was set up in 2014. BTM Thailand is the franchisee operating BreadTalk outlets in the country.
BreadTalk said, in 2014, that the “strategic partnership” was meant to further develop the BreadTalk brand in Thailand, tapping on MFG’s track record of operating F&B outlets in Thailand.
MFG is one of Asia’s major players in casual dining and quick-service restaurant companies. It operates the ThaiExpress and Xin Wang Hong Kong Cafe chains.
ZEN secures $31.35m via IPO
Zen Corporation, a holding company that operates restaurants and food services, has mobilised 975 million baht ($31.35 million) via an initial public offering (IPO). Its stock surged 17.69 per cent on its trading debut on Wednesday.
The company sold out all 75 million shares, or 25 per cent of its registered capital, in IPO at 13 baht apiece. However, strong demand for ZEN shares boosted the price from 13 baht apiece to 15.30 baht apiece when it started trading on Thai bourse on the first day.
Zen operates several restaurant chains such as ZEN, Musha by ZEN, Sushi Cyu Carnival Yakiniku, AKA, On the Table Toky Cafe, Tetsu and de Tummour. It also runs a full gamut of food services including food delivery, catering, restaurant management and consultancy, and food retail.
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