Berjaya Food buys remaining stake in Berjaya Starbucks


PETALING JAYA: Berjaya Food Bhd (BFood) is buying the remaining 50% it does not own in Berjaya Starbucks Coffee Company Sdn Bhd (BStarbucks) for RM279.5mil cash.

The company told Bursa Malaysia that it had entered into a conditional share purchase agreement (SPA) with Starbucks Coffee International, Inc to acquire the remaining shares to make the coffee chain a wholly owned subsidiary.

The SPA is conditional upon the approval from the shareholders of BFood at an EGM to be convened.

The principal activity of BStarbucks is the development and operation of the “Starbucks Coffee” chain of cafes and retail stores in Malaysia.

BStarbucks operates 173 “Starbucks Coffee” stores throughout Malaysia.

BStarbucks made an (unaudited) profit after tax of RM34.8mil on a turnover of RM301.1mil for its financial year ended April 30, 2014 (FY14).

In the corresponding period a year earlier, it made a profit after tax of RM23.6mil on a revenue of RM234.2mil.

The company’s total shareholder fund stands at RM109.8mil with no borrowings.

The purchase consideration was done on a willing buyer-willing seller basis and after taking into consideration, among others, the historical financial performance of BStarbucks, the positive outlook of the food and beverage industry in Malaysia, and the future prospects of BStarbucks, said BFood.

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Business , starbucks , berjaya food

   

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