Asia Poly ventures into F&B sector

Uncle Don

KUALA LUMPUR: Cast acrylic sheet manufacturer, Asia Poly Holdings Bhd, has ventured into the food and beverage (F&B) segment with the signing of a shareholders agreement with Uncle Don’s Holdings Sdn Bhd.

In a filing with Bursa Malaysia yesterday, APHB said under the joint venture, APHB would hold a 49% stake in the joint venture company (JVC), while Uncle Don’s would own the remaining 51% in the JVC.

Uncle Don’s , through its subsidiary, D&D Food & Beverages Sdn Bhd, would grant the JVC a non-exclusive licence and rights to use the proprietary marks and to operate new Uncle Don’s restaurants.

“The agreement would facilitate the cooperation between the company and Uncle Don’s to undertake the business, which is in line with the company’s business plan to venture into the F&B sector.

“The company would benefit from Uncle Don’s and D&D Food & Beverages’ established track record in the F&B sector and their expertise in operating F&B business,” it said.

It added that the new venture was expected to contribute positively to the group’s future earnings and net assets. — Bernama