Farm Fresh's Inside Scoop stake increased to 85pct following Tan's put option
KUALA LUMPUR: Farm Fresh Bhd will acquire an additional 20 per cent stake in The Inside Scoop Sdn Bhd (TISSB) for RM50.8 million following the exercise of a put option by Edmund Tan Jun Hua.
KUALA LUMPUR: Farm Fresh Bhd has bolstered its stake in The Inside Scoop Sdn Bhd (TIISSB) to 85% after Edmund Tan Jun Hua exercised a put option, according to a filing with Bursa Malaysia. The dairy producer purchased Tan's 174,618 shares in TISSB for RM50.8 million, following their shareholders' agreement from 2023. The acquisition, funded through internal funds, bank loans, and/or other fundraising methods, will increase Farm Fresh's ownership in TISSB from 65% to 85%.
The RM50.8 million price was determined using a pre-agreed formula, taking into account TISSB's performance and financial situation. Farm Fresh predicts the acquisition will not significantly impact its net assets per share, gearing, or earnings per share for the fiscal year ending March 31, 2027. The deal is anticipated to be finalized by September 25, provided all conditions under the shareholders' agreement are met.
As of the report's publication, Farm Fresh's shares rose by five sen or 2.48%, reaching a market capitalization of RM3.90 billion.
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