Catalist-listed Mercurius Capital Investment's share price has jumped 20% following its announcement on April 9 that it has entered into a legally binding term sheet with seven individuals to acquire 10 grocery businesses in Malaysia for $36 million.
Under the term sheet, Mercurius will acquire the entire issued and paid-up share capital of a special purpose vehicle to be incorporated in Malaysia, under which the grocery businesses will be consolidated and owned.
The target grocery businesses, located in Johor, encompass Tan Lee Heng, Pasaraya Songmart (Kluang), Pasaraya Songmart (Kulaijaya), Pasaraya Songmart (Kota Tinggi), Pasaraya Songmart (Pulai Perdana 2, Pasaraya Songmart (Sri Stulang), Pasaraya Songmart (Bandar Tenggara), Pasaraya Songmart (Chellam), Songmart Cash & Carry, and Granville Grocery.
