PETALING JAYA: Food Life Sdn Bhd, a wholly-owned subsidiary of Farm Price Holdings Berhad, has entered into agreements to acquire assets and a business from Hong Yun Vegetables and Fruits Sdn Bhd, as well as assets from D & D Sinma 8888 Univeg Trading for a total of RM4.5mil in cash.
The acquisition from Hong Yun, valued at RM3.9mil, includes motor vehicles, equipment, as well as the latter’s wholesale and retail business of groceries, vegetables, fruits, seafood, and frozen foods.
The transaction with D & D, valued at RM600,000, includes motor vehicles and machinery.
In a filing to Bursa Malaysia, Farm Price said the deals aim to expand Farm Price’s supply chain, enhance product offerings, grow its customer base in Malaysia and Singapore, and boost revenue.
The purchases, to be funded by the group’s internal funds, are expected to be completed in the third quarter, subject to conditions such due diligence and approvals.
The transactions are expected to positively impact the Farm Price’s future earnings.
