SINGAPORE (Sept 14): BreadTalk’s ba kut teh JV with Song Fa Venture has incorporated a wholly-owned subsidiary in Shanghai.

BTG-Song Fa Venture, which is 90% owned by BreadTalk, incorporated Song Yu (Shanghai) Management Co.

The registered capital of Song Yu (Shanghai) is US$3.01 million ($4.1 million). Principal activities include restaurant management, corporate management consultation, and import and export business and provision of relevant services.

The incorporation is funded through internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the company for the financial year ending Dec 31.

BreadTalk closed 1 cent higher at $1.60 on Thursday.