KUALA LUMPUR: Harrisons Holdings (M) Bhd’s 51 per cent indirectly owned subsidiary, Famous Food Company Pte Ltd has inked a Memorandum of Understanding (MOU) to acquire 100 per cent equity interests in Famous Amos Chocolate Chip Cookie Singapore Pte Ltd.
In a filing to Bursa Malaysia today, the group said it had entered into an MoU with three sellers, namely Shiak Esa Taha Mattar, Yeo Geok Cheo and Anne Leong Sau Leng for the acquisition of 800,000 ordinary shares of AMOS representing the entire equity interests for S$5.7 million (S$1 = RM2.9458)
It said the purchase, transfer and payment of the “Sale Shares” were separated in two tranches, of which 80 per cent of shares upon completion of the Sale and Purchase Agreement (SPA) and another 20 per cent within 36 months from date of completion of the SPA.
The company said upon signing and completion of the SPA, AMOS would become a 51 per cent indirect subsidiary of the company.
Harrison said it planned to acquire its second major retailing concept after the recent acquisition of 100 per cent in Watts Harrisons Sdn Bhd, which was retailing and wholesaling uniform price products under the KOMONOYA brand in Malaysia, Singapore and Brunei.
“The Famous Amos business has been established in Singapore since 1983 and has been profitable.
“Harrisons plans to expand to other regional territories with this established brand together with the Komonoya brand. This acquisition will enable the company to capitalise on its overseas expansion platform to further expand its distribution and wholesaling business,” it said.
It added that the proposed transaction would not have any effect on share capital and shareholding structure, earnings per share, net assets, gearing and dividend policy of the group.