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Neo Group eyes equity in Asia Farm

SINGAPORE-LISTED Neo Group said after trading closed on Thursday it is eyeing equity in food and beverage distributor Asia Farm F&B Pte Ltd.

The catering group said it had entered into an exclusive dealing agreement in relation to the proposed acquisition of shares in Asia Farm. In addition to Asia Farm, the four other parties penning the agreement with Neo are ASF Food & Beverage (M) Sdn Bhd, and vendors Wong Loke Hsien, Wong Loke Liang and Wong Fot Keng.

The agreement extends Neo an exclusive right to negotiate the proposed acquisition during an exclusive period from March 9 through to June 30, 2017.

The named vendors have also undertaken to complete a restructuring exercise such that they will collectively hold 100 per cent of the issued and paid-up capital of Asia Farm and that Asia Farm will hold 100 per cent of the issued and paid-up capital of ASF before the end of the exclusive period.

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Asia Farm was incorporated in Singapore in 1998 while ASF was incorporated in Malaysia in 2003. ASF is primarily involved in the production and manufacturing of fruit cordials and syrups, fruit sauces, puddings and jellies. Asia Farm is involved in the distribution of products under several trade marks, including Asia Farm, i&Joy and Green Leaves.