Photo credit: Piutus / Foter / Creative Commons Attribution 2.0 Generic (CC BY 2.0)
According to Bursa Malaysia, Berjaya Food Bhd (BFood) who owns 50% of shares with Berjaya Starbucks Coffee Company Sdn Bhd (BStarbucks) is buying the remaining 50% it currently does not own, at a price of RM279.5mil.
BFoof has made a conditional share purchase agreement (SPA) with Starbucks Coffee International, Inc, to own the remaining 50% of shares in Berjaya Starbucks Coffee Company. However, the SPA is dependent on the approval of BFood shareholders at an EGM yet to be assembled.
According to the Star, BStarbucks made an (unaudited) profit after tax of RM34.8mil on a turnover of RM301.1mil for its financial year ended April 30, 2014 (FY14). In the corresponding period a year earlier, it made a profit after tax of RM23.6mil on a revenue of RM234.2mil. BStarbucks total shareholder fund stands at RM109.8mil with no borrowings.
The purpose of the purchase was to make BStarbucks, who operates and develops 127 of the Starbucks Coffee chain of cafes and retail stores throughout Malaysia, a wholly owned subsidiary due to its historical financial performance, its future prospects, and the positive outlook of the Malaysian food and beverage industry.
Story from: The Star
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