Fraser & Neave Holdings’ (F&N) direct wholly-owned subsidiary Awana Citra Sdn Bhd has proposed to acquire the Sri Nona companies for a total of RM60 million ($19.7 million) to be paid in cash.
Awana, on Dec 13, entered into a conditional share sale agreement with Siew Yun Sing and Tong Saw Man in relation to the proposed acquisition.
The percentage ratio applicable to the acquisition is 2.37%. As it is under 5% under Bursa Malaysia Securities’ main market listing requirements, F&N is not required to announce the acquisition to Bursa Malaysia Securities.
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