PETALING JAYA: Harrisons Holdings (Malaysia) Bhd’s indirect subsidiary Famous Food Co Pte Ltd (FFC) is buying the entire stake in Famous Amos Chocolate Chip Cookie Singapore Pte Ltd (Amos) for S$5.7 million (RM17.1 million).
Amos is principally engaged in the business of retailing cookies under the Famous Amos brand name in Singapore, while FFC is an investment holdings company.
The group told the stock exchange today that FFC has entered into a sale and purchase agreement with Amos’ directors for the proposed transaction.
The group noted that Harrisons Peninsular Sdn Bhd (HPSB), a wholly owned subsidiary of the group and the immediate holding company of FFC will contribute its 68% share of the purchase price amounts to S$3.9 million, which will be funded through bank borrowings.
Harrisons said this acquisition will further enable the group to capitalise on its overseas expansion platform to further expand its distribution and wholesaling business.
“Harrisons plans to expand to other regional territories with this established brand together with the Komonoya brand,” it noted.
Harrisons recently acquired 100% of Watts Harrisons Sdn Bhd which retails and wholesale the uniform price products under the Komonoya brand in Malaysia, Singapore and Brunei.
Source: The Sun Daily