Hong Kong's First Pacific aborts deal to buy Malaysia's Cocoaland
[KUALA LUMPUR] Cocoaland Holdings Bhd, a Malaysian snack and candy company, said on Monday that Hong Kong-listed First Pacific Co Ltd has aborted a plan to take over its business.
The move comes more than six weeks after First Pacific, an investment firm with holdings in telecommunications, consumer food products and resource companies, proposed to buy Cocoaland for 463.32 million ringgit (S$166.9 million), or 2.70 ringgit per share.
First Pacific had withdrawn its proposal due to a difference in the strategic fit offered by Cocoaland from what First Pacific had envisaged, according to a stock exchange filing by Cocoaland.
Shares of Cocoaland dived as much as 16.7 per cent to 2.00 ringgit after the announcement.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years
Sheng Siong Q1 net profit up 9.3% on higher revenue
Nestle sales growth sputters on US slump, vitamin snags
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO