Starbucks Coffee International, a wholly owned subsidiary of US coffee shop chain Starbucks Coffee, has announced that it has acquired its licensed operations in Singapore from its partner Bonvests Holdings.
“Singapore represents a strategic gateway into Southeast Asia for Starbucks,” said Pedro Man, president of Starbucks Coffee Asia Pacific.
“This acquisition is timely to support our growth in Singapore and the rest of Southeast Asia. Bonvests Holdings has done a great job of introducing the Starbucks brand in Singapore and the Starbucks Experience to the people of this country. We are very committed to the Singapore market and are optimistic about the future of the business,” Man added.
This cash purchase is expected to close by the end of June 2004. The specific terms of the agreement were not disclosed. Following the acquisition, the operating results for Singapore will be included in Starbucks reported consolidated earnings. Starbucks does not expect this acquisition to impact its financial goals for fiscal 2004.
There are currently 35 Starbucks stores in Singapore.