KUALA LUMPUR: Innature Bhd
has proposed to acquire a 100% equity interest in Blu Restaurant Sdn Bhd from Aquablu Technologies Sdn Bhd, Adventuria Sdn Bhd and Aquawalk Sdn Bhd for RM21.25mil.
In a filing with Bursa Malaysia, InNature said upon completion of the proposed acquisition, Blu Restaurant will become a wholly-owned subsidiary of InNature.
Blu Restaurant operates a restaurant under the franchise name “Burger & Lobster” in Suria KLCC mall. It has the exclusive rights to open and operate restaurants under the “Burger & Lobster” brand in Malaysia (excluding the outlet in Genting Highlands), Indonesia and Vietnam and to use the “Burger & Lobster”.
InNature, which is principally involved in the business of retailing cosmetic and personal care products, has proposed to diversify its existing business to include the undertaking and provision of food and beverages (F&B) services and related activities.
The diversification is expected to provide InNature with an additional channel of revenue by contributing immediate revenue and profit upon completion.
“The management expects contribution from the F&B Business segment to increase in view that Blu Restaurant has an operational “Burger & Lobster” restaurant in Suria KLCC mall that is expected to contribute immediate revenue as well as profits upon completion of the proposed acquisition.
“In addition, InNature plans to expand the F&B Business by setting up new “Burger & Lobster” restaurant outlets in Malaysia, Indonesia and Vietnam in accordance with the development agreement,” it said.
The management expects the net profit generated from the F&B business segment may contribute 25% or more of the net profit or result in a diversion of 25% or more of the net assets of the InNature group in the future.
