KUALA LUMPUR: Fraser and Neave Holdings Bhd (F&N) is proposing to acquire the entire equity interest in Cocoaland Holdings Bhd not already owned by F&N for RM488.15 million, and subsequently, the privatisation of Cocoaland, to be undertaken by way of a members' scheme of arrangement.

 

In a filing with Bursa Malaysia today, F&N said Cocoaland's board is to revert to F&N no later than 5 pm on June 17, 2022, on whether to put forward the proposal for the privatisation to the Scheme Shareholders for their consideration.

 

"Based on 325.43 million Cocoaland shares held by the Scheme Shareholders,  representing approximately 72.34 per cent of the share capital of Cocoaland as of May 31, 2022, the total consideration for the proposed privatisation is approximately RM488.15 million which shall be satisfied in cash," F&N said.

 

"The issued and paid-up share capital of Cocoaland is worth RM130.15 million, comprising 457.6 million ordinary shares, and F&N directly holds 124.42 million shares, representing approximately 27.66 per cent equity interest in Cocoaland," it said.

 

The trading of Cocoaland's shares as well as those of its second-largest shareholder, F&N, was suspended on Friday pending the announcement.

 

Leverage Success Sdn Bhd, which is jointly controlled by the Liew and Lau family members, owns a 41 per cent stake in Cocoaland.

 

Cocoaland's shares were last traded at RM1.28, while F&N's shares were traded at RM20 per share.