Fraser & Neave Holdings Bhd’s 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 2.73% 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 , condiments , beverages , desserts , 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.