PETALING JAYA: Hextar Industries Bhd
(HIB) is acquiring a 51% stake in food and beverage (F&B) company Woodpeckers Group Sdn Bhd for RM177.48mil.
In a filing with Bursa Malaysia, the fertiliser supplier said it acquired the stake from Tan Kai Young, Chua Ray-Men, Tan Sze Liang, Lee Ken Vern and Ricky Tjandra.
The Woodpeckers Group is principally engaged in the operation of F&B retail outlets, particularly in the frozen yogurt segment under the franchise name “llaollao” nationwide.
HIB said it intends to redeploy its financial resources towards the expansion for F&B retail business.
“The group aims to leverage rising consumer demand and the growth potential of the Malaysian F&B services industry to drive the future growth of the group.
“In line with the group’s expansion of its F&B retail business, the proposed acquisition presents an opportunity for the group to acquire an established and profitable business in the F&B industry and consolidate its financial performance.”
