Food
Convenience Shopping, a fully owned subsidiary of 7-Eleven Malaysia Holdings (SEMH), has agreed to acquire a 60 per cent stake in Cafe Decoral, a ready-to-eat food supplier, for RM600,000.
A Bursa Malaysia filing says the deal should be completed within the next few months. The move will enable SEMH to venture directly into the production of ready-to-eat fresh food for 7-Eleven stores.
A share-sale agreement has been signed with Cafe Decoral founders Ng Kin Chen and Ng Lee Chin and Public Yong Tow Foo, a manufacturer and dealer of food products. Following the acquisition, Ng Lee Chin and Ng Kin Chen will hold 27.56 per cent and 10 per cent stakes respectively, down from 48.78 per cent and 29.27 per cent earlier.
Furthermore, Public Yong Tow Foo’s ownership of 19.51 per cent will be fully liquidated while another shareholder, Ng Ming Kiat, will continue to own a 2.44 per cent stake.
Pursuant to the acquisition, a three-storey shop house of Cafe Decoral in Selangor will be acquired for RM250,000. The value of the property is marked at RM108,543 as of the end of this month.
Since 1984 Cafe Decoral has been supplying fast food such as fried fish balls, fried rice, fried mee hoon and sandwiches to about 300 7-Eleven stores in the Klang Valley in Malaysia.
