SunMoon taking 51% stake in fruit, vegetable business

SUNMOON Food Company has entered into a memorandum of understanding to acquire a 51 per cent stake in Ban Fresh's fruit and vegetable business.

It has inked the MOU with its executive chairman Gary Loh Hock Chuan, Ban Fresh as well as Ban Fresh's shareholders Tan Chin Hian, Vincent Pang Kay Joo and Tan Kok Tiong.

Under the MOU, Ban Fresh's shareholders will be incorporating a new company in Singapore with a paid-up capital of S$600,000, into which Ban Fresh's business will be transferred. SunMoon will acquire 296,000 shares - or 49 per cent - in the new company from Ban Fresh shareholders for S$5.6 million, and a further 2 per cent in the new company via a share subscription of 21,143 shares for S$400,000.