PETALING JAYA: Nestle (Malaysia) Bhd will be exploring the potential sale of its ice cream business to UK-based Froneri International Ltd.
The move comes after the group’s ultimate holding company, Nestle S.A. announced yesterday that it had entered into advanced negotiations to sell the remainder of its global ice cream business to Froneri.
“Following this announcement, the board of directors of the company wishes to inform that the company will now initiate a process to explore the potential sale of its ice cream business to Froneri.
“This process will involve thorough due diligence, comprehensive engagement with relevant local stakeholders, and strict adherence to all applicable legal, regulatory, and governance requirements,” it said in a filing with Bursa Malaysia.
Froneri is a joint venture between Nestle S.A. and PAI Partners, a private equity investor, established 10 years ago, in which all Nestle European Ice Cream businesses and several selected ice cream operations in other regions were included.
Nestle said its ice cream business was not part of this original scope.
“Further announcements on any material developments will be made in due course,” it said.
