The Board of Directors of BreadTalk Group Limited ("the Company") is pleased to announce that BreadTalk Pte Ltd, a wholly-owned subsidiary of the Company, has signed a new master franchise agreement for Hong Kong and Macau with Richmond Holdings Limited ("Richmond"). The master franchise agreement is conditional upon the satisfaction of several conditions. It is anticipated that the last of the conditions will be satisfied within thirty (30) days. Richmond is owned by Mr Wilson Chu, who also owns Wilson Chu's Group of Companies ("WC Group") that has the BreadTalk's master franchise for the Philippines.
Please refer to the attached press release for details.
Save as disclosed, 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 and net tangible assets from the franchise arrangement for the financial year ending 31 December 2004.