Shares of the MyNEWS.com chain-store operator rose 17 sen, or 7.73%, yesterday to close at RM2.37. This is following an upgrade in the recommendations on the counter by AmInvestment Bank Research, CIMB Research and Kenanga Research
PETALING JAYA: myNEWS.com operator Bison Consolidated Bhd has teamed up with two Japanese companies to develop, produce, sell ready to eat (RTE) food and bakery products for its food preparation and packaging plant in Rawang, Selangor.
Under the first joint venture agreement, Bison and Japan’s Gourmet Kineya Co Ltd shall set up a joint venture (JV company, MyNEWS Kineya Sdn Bhd.
The core business is to produce RTE food. MyNEWS Kineya's issued and paid-up capital will be RM50mil.
As for the second JV, Bison and Ryoyu Baking Co Ltd (Ryoyupan) will incorporate a new company, MyNEWS Ryoyupan Sdn Bhd to produce bakery products. The paid-up of MyNEWS Ryoyupan shall be RM20mil.
Bison shall have 51% equity interest in both JVs where it will invest RM35.7mil.
It will finance the investments from the proposed private placement announced on Aug 30, 2017, and its own funds.
From the placement proceeds, Bison has indicatively earmarked about RM20.4mil for the Jvs and the remaining RM15.3mil from its own funds.
“In order to provide Malaysians with real Japanese quality food, we must bring in the Japanese experts to produce it.
“In this regard, Bison is extremely proud to be able to bring in these partners who are food experts to help us improve the underdeveloped and underserved ready-to-eat market in the country,” said Bison executive director and CEO Dang Tai Luk.
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