Etika selling dairies and packaging business

FOOD company Etika International Holdings has struck a deal for the proposed disposal of its dairies and packaging business and the relevant intellectual property to Asahi Group Holdings Southeast Asia for US$328.79 million in cash.

The buyer is the Singapore subsidiary of Asahi Group Holdings, a Japanese maker of alcoholic drinks, other beverages and food.

Based on Etika's financial statements for the first quarter ended Dec 31, 2013, the book value and net asset value of the sale shares and the relevant intellectual property was RM386.63 million (S$149.7 million) after relevant settlements and about RM40.04 million respectively.