Cocoaland buyout said to be aborted on management issues, shares down

Cocoaland founder and executive director Liew Fook Meng(inset), however, appeared unperturbed and said First Pacific

PETALING JAYA: Cocoaland Holdings Bhd’s shares tumbled 37 sen after the party that had sought to buy out the company withdrew from the planned exercise, claiming that the target was no longer a “strategic fit”.

Hong Kong-listed First Pacific Company Ltd, controlled by Indonesian tycoon Anthony Salim of the Salim Group, first announced its intention to buy the business of the snack and candy manufacturer on June 2 at a price that had worked out to RM2.70 per Cocoaland share.