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WINSTON-SALEM, N.C. (AP) -- Krispy Kreme Doughnut Corp. said Thursday that it has reached an agreement with an Asian retail operator to develop 15 franchised stores in Singapore over the next five years.

The doughnut chain is working with Star360 Group to develop the stores. The company operates retailers throughout Asia.

We are pleased to finally introduce Krispy Kreme, the brand that has won fans the world over, to Singapore, Andy Chaw, CEO of Star360 Group, said in a statement. We expect that Krispy Kreme has the potential to take the local doughnut scene by storm.

Krispy Kreme said that the company has nearly 500 stores in international markets and this and other development agreements adds another 400 international sites to the queue.

The company, based in Winston-Salem, N.C., has more than 700 locations worldwide.

Shares fell a penny to $7.88 in midmorning trading. Its shares are trading near the upper end of their 52-week range of $5.78 to $8.77.

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