Cases & Deals

Deal

Fraser & Neave Holdings Bhd

March 2023

 

The corporate team led by Yoon Ming Sun advised Fraser & Neave Holdings Bhd (“F&N”) on the acquisition by F&N and/or its nominees, of the entire equity interest in Cocoaland Holdings Berhad (“Cocoaland”) not already owned by F&N to be undertaken by Cocoaland by way of members’ scheme of arrangement pursuant to Section 366 of the Companies Act 2016 for a total consideration of approximately RM488 million (“Privatisation”). The Privatisation was completed in November 2022.

 

Prior to the completion of the Privatisation, Cocoaland was listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Malaysia”). Through its subsidiaries, Cocoaland is involved in activities such as manufacturing and trading all kinds of processed and preserved foods and fruits. It is also involved in the wholesale and retail of processed and preserved foods as well as wholesale, import and export of gummies and other products.

 

The Privatisation was in line with F&N’s ambition to be a stable and sustainable food and beverage leader in ASEAN, with halal packaged food as its fourth pillar of growth. The investment will add established Malaysian confectionery and snack brands to F&N’s portfolio of renowned brands, and at the same time serves as a platform to build on and expand into other packaged food segments. The addition of Cocoaland into F&N group will also enhance the group’s expansion in the overseas markets.

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