F&N shares closed at $1.25 on Nov 25, up 0.81%
Fraser & Neave has completed the RM489.2 million acquisition of Cocoaland Holdings and the latter delisted on Nov 25 from Bursa Malaysia.
The acquisition of the gummy candy maker, first announced on June 3, was meant by F&N to capture a bigger piece of the $1.2 billion packaged food business.
“The recently acquired Sri Nona Group is only our first step in fulfilling our objective of building a packaged food pillar commensurate with our Beverages and Dairies businesses,” says F&N CEO Hui Choon Kit.
“We see this Cocoaland acquisition as a great opportunity to accelerate the growth of our packaged food business,” he adds.
“By combining Cocoaland’s and F&N’s brand marketing expertise and extensive distribution, we will have a vehicle to expand our portfolio in the fast-growing packaged food segments, fulfilling our ambition to be a stable and sustainable Food & Beverage leader in the ASEAN region,” adds Hui.
F&N shares closed at $1.25 on Nov 25, up 0.81% for the day and down 11.97% year to date.