KUALA LUMPUR: Scoop Capital Sdn Bhd, the franchisee of Baskin-Robbins has acquired 51.31 per cent stake or 41.05 million shares in Apollo Food Holdings Bhd for RM238.08 million.
Scoop Capital entered into a share sale agreement (SSA) with Keynote Capital Sdn Bhd for the acquisition.
"The consideration for the offer is RM5.80 per offer share, which shall be satisfied wholly in cash," Apollo said in its filing with Bursa Malaysia yesterday.
While Scoop Capital is obliged to extend an unconditional mandatory takeover offer to acquire all the remaining 48.49 per cent stake in the group, it intends to maintain the listing status of Apollo on the Main Market of Bursa Malaysia.
Accordingly, in the event that Apollo does not comply with the public spread requirement (at least 25 per cent of shares held by public shareholders) as a result of the offer, the offeror (Scoop Capital) will, together with Apollo, explore other options of proposals.
"This will be done within three months from the closing date or such extended timeframe as allowed by the relevant authorities, to enable compliance by Apollo with the public spread requirement," it added.