PETALING JAYA: Nestle (M) Bhd
’s holly-owned subsidiary Nestle Products Sdn Bhd has entered into a conditional share purchase agreement with Wyeth (Hong Kong) Holding Company Ltd for the proposed acquisition of 100% stake in Wyeth Nutrition (M) Sdn Bhd for RM165mil.
The acquisition, which is subject to regulatory requirements and shareholders’ approval as it is a related party transaction, Nestle stated yesterday.
“The deal marks Nestle Malaysia’s aim to solidify its footprint in the Premium Infant and Adult Nutrition segments,” the fast-moving consumer goods concern stated.
Established in 2013, Wyeth Malaysia distributes premium nutritional products designed to meet the needs of young children, pregnant and lactating mothers and the elderly.
Its brands include S-26, S-26 Gold, Ascenda, Promama, and Enercal Plus among others.
Nestle Malaysia is a subsidiary of Switzerland-based Nestle group which is the world’s largest food and beverage manufacturer.
The transnational company is present in more than 180 countries and employs some 270,000 employees.
