F&N buys stake in Sri Nona Companies for RM60m cash

F&N buys stake in Sri Nona Companies for RM60m cash

16 Dec 2020

Fraser & Neave Holdings Bhd’s (F&N) direct wholly owned subsidiary Awana Citra Sdn Bhd has entered into a conditional share sale agreement with two vendors, Siew Yun Sing and Tong Saw Man, for the acquisition of a 2.37% in Sri Nona Companies for RM60 milllion cash.

The principal activities of the Sri Nona Companies are the manufacture, distribution and sale of rice cakes (ketupat), condiments (oyster sauce and paste), beverages (ginger tea powder), desserts (pudding and jelly powder), jams and spreads under the Nona and Lee Shun Hing brands owned by the relevant Sri Nona Companies.

“The proposed acquisition is in line with F&N’s ambition to be a stable and sustainable food and beverage leader in Malaysia, with halal food as our new pillar of growth. The investment will add an established Malaysian household food brand to F&N’s portfolio of renowned brands and will serve as a platform to build on and expand into more food segments,” the group said.

The proposed acquisition is expected to be completed in the first quarter of 2021.

Source: The Sun Daily