Olivia Poh at The Business Times reports that winding-up petitions have been filed against food-chain operator PappaRich Group Sdn Bhd, the joint venture partner of an indirect subsidiary of Australia-based ST Group Food Industries Holdings.
The two petitions were filed separately by Chen Khai Voon and investment holdings firm Agathisfour with the High Court of Malaya, ST Group Food said on July 8.
Hearings have been scheduled for Nov. 3 for Agathisfour and Sept. 21 for Mr. Chen, BT discloses.
BT relates that ST Group Food does not expect the petitions to have any impact on its business and operations. “Our group will continue to hold the exclusive rights to the PappaRich brand in Australia and New Zealand,” it said.
The company will provide further updates to its shareholders and potential investors when there are material developments, the report adds.