Fraser and Neave acquires remaining stakes in Yoke Food Industries
Total purchase price sits at $7.5m.
Singapore mainboard-listed food and beverage group Fraser and Neave is fully acquiring Malaysian beverage manufacturer Yoke Food Industries (YFI), snapping the remaining 30% of the said company.
The acquisition will be exercised by the group's Malaysian arm, Magnolia-PDL Dairies Sdn Bhd, with total cash consideration sitting at RM23.4m or $7.5m.
"YFI carries on the business of manufacturing, marketing, distributing and exporting of beverages. This is complementary to the existing business of the company," the group said.
As of the past quarter, YFI has net tangible asset equivalent to $5.5m.