The Board of Directors of BreadTalk Group Ltd ("the Company") is pleased to announce that BreadTalk Pte Ltd, a wholly owned subsidiary of the Company, has signed a master franchise agreement with Al-Mejhem General Trading Company ("Al-Mejhem"), a family-owned diversified F&B and real estate company based in Kuwait.
The franchise agreement covers six countries within the Gulf Cooperation Council (GCC) - Kuwait, Bahrain, Qatar, Oman, Saudi Arabia, and the United Arab Emirates. Al-Mejhem targets to initially open a flagship BreadTalk outlet in the heart of Kuwait next year, with plans to roll-out similar stores in the other 5 GCC countries.
Please refer to the attached press release for further details.
None of the directors or substantial shareholders of the Company has an interest, direct or indirect in the aforesaid transaction.
Barring unforeseen circumstances, the Group expects a positive contribution to its earnings from this new franchise arrangement for the current financial year ending 31 December 2003.