KUALA LUMPUR: Alliance Research is positive on Oldtown's purchase of a 70% equity stake in its sole coffee distributor in Hong Kong/China, Advanced City Ltd, for HK$67mil (RM27mil) cash.
The research house said on Tuesday it was positive on this acquisition as it would be earnings accretive (6.7 times 2012 price-to-earnings) and complemented Oldtown's existing business.
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