Latest news with #PappaRich
Straits Times
6 days ago
- Business
- Straits Times
ST Group Food to liquidate loss-making Gong Cha business in UK
Find out what's new on ST website and app. While the liquidation will result in some losses on a pro-forma basis, it will likely have a positive impact on the group's consolidated net tangible assets. SINGAPORE - Catalist-listed ST Group Food plans to liquidate its loss-making subsidiary in the UK, GCTea Outlets 2B, which operates a food and beverage outlet under the Gong Cha brand in the country. PappaRich, Ippudo, and Hokkaido Baked Cheese Tart are other brands owned or franchised by the Australia-based company. 'It has been determined that it is no longer viable for GCTea Outlets 2B to continue its business due to amongst others, (its) liabilities... and the challenging economic situation in the UK,' the food and beverage company said on July 23. While the liquidation will result in some losses on a pro-forma basis, it will likely have a positive impact on the group's consolidated net tangible assets (NTA) and earnings per share in the long run, due to the loss-making nature of GCTea Outlets 2B, ST Group Food said. For illustrative purposes, and based on the group's latest audited financials for the year ended June 2024, liquidating GCTea Outlets would lead to a slight drop in the group's NTA, from A$19.65 million (S$16.6 million) to A$19.59 million. This would translate to its NTA per share remaining unchanged before and after liquidation at A$0.077. Assuming GCTea Outlets was wound up on July 1, 2023, the group's net profit would fall from A$858,979 before liquidation to A$803,433 after liquidation. This would translate to a drop in earnings per share from A$0.35 to A$0.32. ST Group Food's interest in GCTea Outlets 2B is held through its subsidiary GC (England), in which it has an 84 per cent stake. GC (England) holds the entire equity interest of GCTea, which in turn fully owns GCTea Outlets 2B. Top stories Swipe. Select. Stay informed. World Trump was told he is in Epstein files, Wall Street Journal reports Opinion The US dollar is down, but it has a lot going for it Singapore Judge asks prosecution for more information on Kpods in first case involving etomidate-laced vapes Singapore Singapore Oceanarium will enhance tourism while supporting sustainability: Grace Fu Singapore 5 teens arrested for threatening boy with knife, 2 charged with causing hurt Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Opinion Cinemas struggle in a world that cannot sit still Asia Japan PM Ishiba refutes reports of imminent resignation after surprise US trade deal
Business Times
6 days ago
- Business
- Business Times
ST Group Food moves to liquidate UK unit that operates Gong Cha brand in the country
[SINGAPORE] Catalist-listed ST Group Food plans to liquidate its indirect subsidiary in the UK, GCTea Outlets 2B, which operates a food and beverage outlet under the Gong Cha brand in the country. This comes amid the Australian-headquartered company's plans to exit from the Gong Cha brand in the UK, as the unit has been loss-making and is in a net liabilities position as at end-December 2024. 'It has been determined that it is no longer viable for GCTea Outlets 2B to continue its business due to amongst others, (its) liabilities... and the challenging economic situation in the UK,' the food and beverage company said on Wednesday (Jul 23). While the liquidation will result in some losses on a pro-forma basis, it will likely have a positive impact on the group's consolidated net tangible assets (NTA) and earnings per share in the long run, due to the loss-making nature of GCTea Outlets 2B, ST Group Food said. For illustrative purposes, and based on the group's latest audited financials for the year ended June 2024, liquidating GCTea Outlets would lead to a slight drop in the group's NTA, from A$19.65 million (S$16.6 million) to A$19.59 million. This would translate to its NTA per share remaining unchanged before and after liquidation at A$0.077. Assuming GCTea Outlets was wound up on Jul 1, 2023, the group's net profit would fall from A$858,979 before liquidation to A$803,433 after liquidation. This would translate to a drop in earnings per share from A$0.35 to A$0.32. ST Group Food's interest in GCTea Outlets 2B is held through its subsidiary GC (England), which it has an 84 per cent stake in. GC (England) owns the entire equity interest of GCTea, which in turn entirely owns GCTea Outlets 2B. The company's portfolio includes brands such as PappaRich, Ippudo and Hokkaido Baked Cheese Tart, based on its website. The counter finished Wednesday unchanged at S$0.145, before the announcement.
Sydney Morning Herald
30-06-2025
- Business
- Sydney Morning Herald
Malaysia's best hawker stalls are now found under one roof at a CBD dining precinct
Previous SlideNext Slide Malaysian$ Some of Malaysia's best food comes from hawker stalls, where vendors dedicate themselves to a single dish refined over decades. Kher Chink Pang (PappaRich, NeNe Chicken)'s new venture in Melbourne's QV precinct brings 10 of the country's best hawker stalls to Melbourne, including noodle stall Kedai Koon Kee and pork broth specialists Klang Siong Huat. Some date back to 1945. Khiang Pin kopitiam, run by Pang's grandfather until closing in 2023, has also been revived in Melbourne with Hainanese-style kopi (coffee), where coffee beans are roasted in a claypot with margarine, butter and sugar, but topped with a thick head of salted cream for a modern twist. Hainan butter toast has also been adapted, made from Japanese milk bread filled with a slab of butter and finished with a crackly sweet crust like Japan's pineapple buns. Other stalls are remaining faithful to beloved Malaysian dishes such as bak kut teh, a herbal pork soup. It comes in a claypot with optional add-ons like shallot rice, boiled lettuce and Chinese doughnuts for dipping.
The Age
30-06-2025
- Business
- The Age
Malaysia's best hawker stalls are now found under one roof at a CBD dining precinct
Previous SlideNext Slide Malaysian$ Some of Malaysia's best food comes from hawker stalls, where vendors dedicate themselves to a single dish refined over decades. Kher Chink Pang (PappaRich, NeNe Chicken)'s new venture in Melbourne's QV precinct brings 10 of the country's best hawker stalls to Melbourne, including noodle stall Kedai Koon Kee and pork broth specialists Klang Siong Huat. Some date back to 1945. Khiang Pin kopitiam, run by Pang's grandfather until closing in 2023, has also been revived in Melbourne with Hainanese-style kopi (coffee), where coffee beans are roasted in a claypot with margarine, butter and sugar, but topped with a thick head of salted cream for a modern twist. Hainan butter toast has also been adapted, made from Japanese milk bread filled with a slab of butter and finished with a crackly sweet crust like Japan's pineapple buns. Other stalls are remaining faithful to beloved Malaysian dishes such as bak kut teh, a herbal pork soup. It comes in a claypot with optional add-ons like shallot rice, boiled lettuce and Chinese doughnuts for dipping.
The Age
26-06-2025
- Business
- The Age
Ten of Malaysia's best hawker stalls – some 80 years old – are now in Melbourne
Sourcing was also a challenge – ingredients like egg noodles are imported directly from Malaysia – and so was adjusting for differences in climate and taste preferences. 'When someone knows the taste so well and you try to cook the same dish in a different location, there's a very high expectation,' says Pang. Among the roster of dishes deeply familiar to Malaysian diners, there are also items more common to Australian menus such as nasi lemak with fried chicken, wonton noodle soup, and a small line-up of dim sum. The concept was inspired by a friend's hawker-style food court in Singapore, but Pang opted to make a single dining space within the old PappaRich site, where guests order via QR code and receive dishes from different vendors at the same table.
