Company holding local BreadTalk franchise sold for Rs.245mn

R I L Property PLC this week said it completely divested its fully-owned subsidiary FoodBuzz (Private) Limited, the holder of BreadTalk franchise in Sri Lanka, to SS Equity Holdings (Pvt) Ltd. for a consideration of Rs.245 million. 

“The divestment is in line with the company’s strategic investment activities and helps streamline its resources and business structure,” R I L Properties said in a stock market filing.

On March 20, R I L Properties said the director board of its wholly owned subsidiary FoodBuzz (Pvt) Ltd. had decided to close all BreadTalk outlets from March 20, 2021 until further notice. The company said decision was taken due to adverse market conditions stemming from the Easter Sunday attacks as well as the ongoing pandemic. However, on March 23 it said, the decision to close all the outlets was put off due to potential investor interest. 

BreadTalk, the Singapore-based franchise, was first introduced to Sri Lanka by FoodBuzz in 2012. There are 10 BreadTalk outlets in Sri Lanka as of now.