SINGAPORE (Mar 12): BreadTalk announced that its wholly-owned subsidiary, Shanghai Star Food F&B Management has entered into a joint venture agreement with Taiwanese bakery brand, Wu Pao Chun Food (WPC), to operate the Wu Pao Chun brand of bakeries in Beijing, Shanghai, Shenzhen and Guangzhou.

Under the agreement, the joint venture company entered into a master franchise agreement with WPC to develop and operate the WPC brand in the four cities.

The first joint venture territory is expected to open later this year in Shanghai where Shanghai Star Food F&B Management will hold 80% shareholding while WPC will hold the remaining 20%. For the other three China cities, WPC will have the option to participate in shareholding of up to 40%.

Both parties also expect to conclude the signing of the joint venture agreements for Singapore and Hong Kong in due course, with Singapore being an 80%-20% joint venture between the group and WPC.

Henry Chu, CEO of BreadTalk says, “We are excited to partner Wu Pao Chun Bakery and leverage on our management expertise to value-add to this world renowned brand. With our experience in business development and versatility in bringing the best out of our partner brands, we hope to deliver the much acclaimed bakery experience to our consumers to China, Hong Kong and Singapore.”

Shares in BreadTalk closed 11 cents or 6% higher at $1.94 on Friday.