Super Group cuts ties with JV partners
Blame it on the breach of contract.
Beverage manufacturer Super Group terminated the supposed joint venture (JV) between its subsidiary Owl International Pte Ltd. (OIPL), WA Gourmet and two individuals named Tan Lay Hwee and Guo Lihong.
According to its statement, one of the JV partners breached her employment contract with Owl Beverage Specialist Pte. Ltd (OBS), another unit under its group.
The group said this gave rise to a ground for termination as stated in their Joint Venture Deed.
"As at the date of this announcement, the JV Partners have not acquired any shares in OBS and OBS remains a wholly-owned subsidiary of the Group. The Company reserves its rights in the matter, and will keep shareholders informed of developments as and when appropriate," Super Group said in a statement.
It explained that the JV has no material impact on the group's tangible assets per share or earnings per share for the curret financial year.
"None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the above termination save for their shareholding interests in the Company," the group added.