BreadTalk ends joint venture with Indonesian partner

The JV was previously formed to operate Breadtalk’s coffee chain in Indonesia.

Breadtalk Group (BTG) and Indonesia company PT. Pura Indah Berkat (PT-PIB) have mutually agreed to terminate their joint venture (JV), previously put up to run BTG’s Toast Box chain of outlets in Indonesia, according to the company’s release.

PT PIB would transfer its 30% equity interest in the JV company, PT BTG Pura Indah Berkat Venture, to BreadTalk Pte. Ltd. (BPL), a subsidiary of BTG, for a consideration of $1.36. The JV company will continue to operate the Toast Box chain of outlets in Indonesia.

The BTG-PIB joint venture was created in March 2018, where BreadTalk International Pte Ltd. (BTI), a subsidiary of BTG, owned 70% stake, whilst the remaining 30% held by PIB.

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