The subsidiary, Pok Brothers, intends to use this property for the group’s trading and frozen food business segment, and its food services and dairy business segments.
An indirect wholly-owned subsidiary of Envictus International Holdings has proposed to acquire a factory and warehouse in Selangor, Malaysia, for RM68 million ($21.56 million).
The factory and warehouse is currently owned by Star Media Group. The subsidiary, Pok Brothers, is a frozen food company that imports and distributes food products in both raw and processed form.
It intends to use this factory and warehouse for the group’s trading and frozen food business segment, and its food services and dairy business segments to the extent feasible.
The acquisition is also expected to support the group’s future growth by improving its ability to scale operations and meet increasing customer demand, it notes.
The acquisition will be funded through a combination of internal resources and bank borrowings.
Assuming the proposed acquisition goes through, the net tangible asset per share of the company will not change at 65.3 sens, and earnings per share will decline to 9.3 sens.
Shares in Envictus closed 0.5 cents lower or 1.266% down at 39 cents on Jan 19.
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