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ST Group Food Industries Holdings Limited ( (SG:DRX) ) has provided an announcement.
ST Group Food Industries Holdings Limited has announced the creditors’ voluntary liquidation of its indirect subsidiary, GCTea Outlets 2A Ltd, in the UK. This decision is part of the company’s strategic plan to exit the Gong Cha brand in the UK due to the subsidiary’s liabilities and the challenging economic conditions. The liquidation is expected to positively impact the group’s consolidated net tangible assets and earnings per share in the long term,…