The Board of Directors of BreadTalk Group Limited ("the Company") is pleased to announce that a new subsidiary, "Beijing BreadTalk F&B Management Co., Ltd" has been established.
Beijing BreadTalk F&B Management Co., Ltd is incorporated in the People's Republic of China and its main activities will be the management of food & beverage, manufacture and retail of bakery, confectionery products. It is 100% owned by BreadTalk International Pte Ltd, which is a wholly owned subsidiary of the Company.
Beijing BreadTalk F&B Management Co., Ltd has a registered capital of US$500,000 and the investment will be funded through the Company's IPO proceeds. As at the date of this announcement, the registered capital has not been paid up.
The establishment of the new subsidiary is not expected to have any material effect on the earnings per share or net tangible assets per share of the Company for the financial year ending 31 Dec 2004.
None of the Company's directors or controlling shareholders has any interest, direct or indirect, in the above transaction.