F&N Malaysia, Cocoaland suspend trading on Bursa pending announcements

MAINBOARD-LISTED beverage company Fraser & Neave : F99 0%’s subsidiary Fraser & Neave Bhd (F&NHB) and Cocoaland on Thursday (Jun 2) requested trading suspensions on Bursa Malaysia, pending announcements.

The bourse operator approved both requests for suspension, which will be effective from 9 am on Friday, according to separate bourse filings.

F&NHB owns a 27.65 per cent stake in Cocoaland, which manufactures sugar confectionery products in Malaysia. Cocoaland’s top shareholder is Leverage Success, which owns 40.65 per cent as at Mar 31 according to Cocoaland’s 2021 annual report.

Four of Cocoaland’s executive directors, Liew Fook Meng, Lau Kee Von, Lau Pak Lam and Lau Kim Chew, as well as key senior management (Lew Foo Chay, Liew Yoon Kee and Lau Kwai Choon) have a direct shareholding in Leverage Success.

In January, The Edge reported, citing sources, that Cocoaland is a takeover target of a European private equity firm and an Asian buyout firm. Another person familiar with the mater also said it was an “open secret” that the co-founding brothers intend to let go of the candy maker at the right price.

Singapore’s F&N owns a 55.475 per cent stake in F&NHB as at Nov 15, 2021, according to the latter’s 2021 annual report.

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F&N closed 0.7 per cent or S$0.01 lower at S$1.36 on Thursday.