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LifeBrandz unit proposes to buy Ramen Champion for S$4m
A WHOLLY-OWNED unit of lifestyle group LifeBrandz is planning to acquire the entire issued and paid-up share capital of Ramen Champion, a restaurant operator based in Singapore, for up to S$4 million.
On Monday, LifeBrandz said in a Singapore Exchange filing that LB F&B had on March 9 entered into a non-binding Memorandum of Understanding (MOU) with majority shareholder Koki Matsuda and Kanezin Japan Singapore on the potential acquisition of 3.95 million ordinary shares of Ramen Champion.
Ramen Champion's principle business is developing ramen "theme parks" serving food and beverages. It currently has three outlets in Singapore.
As at the date of the MOU, Ramen Champion has an issued and paid-up share capital of S$3.95 million.
LifeBrandz will acquire all of the 3.95 million ordinary shares in three tranches.
The potential acquisition will be financed by a director's loan from Hiroyuki Saito, the executive chairman and CEO of LifeBrandz. Mr Saito will be entering into a loan agreement with LifeBrandz to provide the required financing for the proposed deal.
LifeBrandz said the move to acquire Ramen Champion is in the "ordinary course of the group's business" and is in line with the group's strategy to establish new food outlets and expand its business through acquisitions, joint ventures or strategic alliances.
The group added that the acquisition will provide an additional income stream from the sale of food and beverages.
LifeBrandz closed 0.1 Singapore cent lower to S$0.016 on Monday.