Nothing lasts forever, as much as we would like it to. That also includes restaurants! You’ve surely experienced favourite places of yours closing down, and being unable to enjoy your favourite dishes.
Well, we have bad news for you. Local chain restaurant PappaRich’s fate has been decided. As per the Shah Alam High Court’s order, the company is being made to liquidate.
Mid last year, a winding up petition was filed against PappaRich Group Sdn Bhd (PGSB). The petition was filed twice by one of the company’s shareholders, Chen Kaiwen and AgathisFour on 15th and 22nd May 2020. Almost a year later, on 5th May 2021, the company received a winding-up order from the Malayan High Court.
The petitioner of the order is represented by UOB Malaysia. PGSB was accused of having outstanding debts worth RM37.22 million. The company supposedly owed their debts to Malaysia PappaRich Sdn Bhd and Roti-Roti International Sdn Bhd. The hearing will be held on 11th August at 9am.
According to PGSB’s partner, ST Group Food, its board of directors do not expect the winding-up application to affect PGSB’s business and operations. They also disclosed that the company will be extracting court judgements to obtain detailed information about the order.
However, ST Group Food did warn shareholders and potential investors to be cautious. The group suggested they consult professional advisors if there is any doubt about the actions taken.
According to the PGSB website, it has about 100 outlets worldwide. Although their social media sites were consistently updated over the year, their last post was on 1st May.