ST Group Food Industries (SGX:DRX), via its indirect subsidiary GCTea, disposed of its 100% stake in food and beverage outlets in the UK for a nominal fee to Lam Kei Kwan, according to a Monday filing with the Singapore Exchange.
The outlets, GCTea Outlets, GCTea Outlets 2, and GCTea DKJV, were operating under the Gong Cha brand and have been loss-making since inception.
Following the disposal, GCTea Outlets, GCTea Outlets 2, and GCTea DKJV have ceased to be subsidiaries of the group, the filing said.
The disposal is part of the group's transition from operations to royalties and supply chain sales.
The purchaser, Kwan, was a former employee of ST Group Food Industries.
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