Papparich Group (PGSB) has received a winding-up order by the High Court of Malaya on 5 May 2021. This is in relation to the winding-up petitions by Chen Khai Voon, and Agathisfour dated 15 May 2020 and 22 May 2020 respectively.
An announcement document by ST Group Food Industries, partner of PGSB, said that its board of directors said that the winding-up petitions were not expected to have any impact on the business and operations of PGSB. It is stated that the company will extract the written court judgement to obtain the details in relation to the winding-up order. The document also added that shareholders and potential investors are reminded to exercise caution when dealing in the securities of the company and should consult professional advisers if they are in doubt about the action that they should take.
According to the Business Times, the liquidator appointment was directed at Chan Siew Mei of KPMG deal advisory. PGSB website states that it has around 100 outlets worldwide including Malaysia, Australia, China, Indonesia, and Singapore.
Prior to this in 2017, Bloomberg reported that PappaRich Malaysia reviewed a public offering for the Singapore arm to fund its expansion then. It stated that the food chain aimed to achieve a valuation of at least SG$200 million by 2017.