PETALING JAYA: Impiana Hotels Bhd is proposing to acquire a 70% equity interest in Cafelink (M) Sdn Bhd, which owns the SOULed OUT and WIP brands.
Upon completion of the acquisition, Impiana said it will own, operate and manage the two brands, which are located throughout Klang Valley and Sabah.
“Given Impiana’s extensive experience in operating hotels and resorts, the proposed acquisition is part of a progression to complement its existing businesses and serve as an opportunity to further grow the group’s portfolio by expanding the number of outlets under these two brands,” it said in a statement.
Impiana interim chief executive officer Datuk Hoo Voon Him said the acquisition will expand its food and beverage (F&B) footprint outside of the group’s existing F&B business offerings.
He said Impiana will build on the brands that Cafelink has grown thus far.
“Following the rapid evolving consumer demand in recent years, we see the immense need to expand our business portfolio horizontally to maintain our competitiveness and keep up with the consumer demand.
Citing GlobalData, Hoo said Malaysia’s food service industry is expected to grow at a compounded annual growth rate of 8.9% from US$15.2bil (RM68bil) in 2021 to US$23.5bil (RM105bil) in 2026.
“We are positive of the industry’s future prospects. Moving forward, we intend to continuously explore various synergistic potential opportunities in order to cultivate better long-term value for our shareholders.”
