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Bison buys bakery products manufacturer Otaru
by Cals on Thu 14 Jul 2016, 05:40
Bison buys bakery products manufacturer Otaru
By Supriya Surendran / theedgemarkets.com | July 13, 2016 : 8:25 PM MYTKUALA LUMPUR (July 13): Bison Consolidated Bhd has acquired the entire equity interest of Otaru Fine Food Sdn Bhd, a manufacturer and dealer of bakery products, for RM200,000 cash.
In a filing with Bursa Malaysia today, myNEWS.com convenience stores operator Bison said the acquisition augurs well for the company in preparation for managing its own full-fledged food processing centre, which it targets to construct and be ready and operational in the financial year 2018.
"In the interim, Otaru will expand its products range and continue to supply Bison's outlets in the Klang Valley," it said.
Otaru supplies mainly to the Bison's outlets and a few other third party customers. Its products sold under the "Otaru" brand are halal certified.
Bison signed the share sale and purchase agreement for the acquisition today with Otaru's vendors, namely Mohd Hasyim Mohd Mahathir, Lee Choy Hoong, Dang Tai Wen and Lau Chee Keong.
Tai Wen is the chief operating officer of Bison, and the brother of Bison managing director Dang Tai Luk.
Bison shares closed unchanged at RM1.47 for a market capitalisation of RM455.8 million.
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