Investors hardly inspired by Fraser & Neave’s (F99.SG) food business expansion, with shares +0.7% at $5.56 on light volume, unchanged from levels at end of morning session, according to Dow Jones.

Conglomerate’s Malaysia unit Fraser & Neave Holdings (3689.KU) agreed to buy 23.08% stake in Cocoaland Holdings (7205.KU) for RM54.6 million ($23.6 million), hoping to leverage on snacks maker’s Southeast Asian reach to speed up development of group’s food business.

“It’s a very small deal but it’s good that they’re now looking at the food business. The ‘F’ in their ‘F&B’ has all along been quite lacking. Their beverage business is already so huge. How much more can it grow? But that’s lots of growth potential for the food business because it will be almost like starting from scratch,” says Singapore-based analyst at European brokerage.

Orderbook quotes tip resistance at $5.60.