ST Group to liquidate UK subsidiary

This follows the Australian-headquartered company's plans to exit the UK's Gong Cha brand.

ST Group Food Industries plans to liquidate its indirect subsidiary in the United Kingdom, GCTea Outlets 2B, which operates a food and beverage outlet under the Gong Cha brand in the country.

This follows the Australian-headquartered company's plans to exit the UK's Gong Cha brand due to its loss-making status and net liabilities as of December 2024.

Whilst the liquidation will result in some losses, it will likely have a positive impact on the group’s consolidated net tangible assets (NTA) and earnings per share.

Based on the group’s latest audited financials for the financial year 2024, the liquidation would lead to a slight drop in the group’s NTA to $16.5m (AUD19.59m).

This would translate to its NTA per share remaining unchanged before and after liquidation at $0.06 (AUD0.077).

($1=AUD1.18)

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