Minor Food Group (MFG), a business unit under Minor International Plc, and BreadTalk Group, a listed company in Singapore, has signed an agreement to establish a 50-50 joint venture company, BTM Thailand, to operate the bakery business under the BreadTalk brand in Thailand.
William Heinecke, chairman and group CEO of Minor International, sakes ahdns with Paul Kenny, CEO of MFG, after signing the agreement on Aug 4, 2014.
This marks the first collaboration between MFG and BreadTalk since MFG's 11% investment in BreadTalk Group in 2013, Minor International said in a statement on Monday.
MFG's total investment amount is 103 million for the stake in BTM Thailand.
The BreadTalk Group first entered Thailand in 2005.
Today, it has 23 company-owned bakery outlets under the BreadTalk and Toast Box brands, as well as two franchised Din Tai Fung outlets and three self-operated Food Republic food atria.
While the BreadTalk Group will support BTM Thailand as brand owner and provide technical know-how, BTM Thailand will leverage on MFG's established platform in Thailand, such as supply chain management, legal, franchising, outlet expansion and property management.