Fraser & Neave Holdings Bhd (KLSE:F&N) made a formal proposal to acquire remaining 72.34% stake in Cocoaland Holdings Berhad (KLSE : COCOLND) from Leverage Success Sdn. Bhd. and other shareholders for approximately MYR 490 million on June 3, 2022. The proposal will be implemented by scheme of arrangement. F&N will pay MYR 1.50 cash per share for 325,431,068 million remaining share, representing approximately 72.34% stake in Cocoaland. Upon completion, Cocoaland will become a wholly owned subsidiary of F&N. The cash consideration will be fully funded through bank borrowings. Lau Kee Von, Lau Pak Lam, Lau Kim Chew, Liew Fook Meng, Liew Yoon Kee, Lau Kwai Choon and Lew Foo Chay to resign as directors effect from the date of completion and Lau Kee Von, Lau Pak Lam, Lau Kim Chew and Liew Fook Meng will remain as employee for a period of six months after completion. The transaction is subject to fulfillment or waiver of approval of a majority number of Cocoaland shareholders, approval of high court and where required, the approval, waiver and/or consent of any other relevant authorities and/or parties. Subject to the approval of Bursa Malaysia Securities Berhad (“Bursa Securities”), Cocoaland Shares will be delisted from the Main Market of Bursa Securities. The scheme shareholders are advised not to take any action until the receipt of the Independent Advice Letter together with the Explanatory Statement for the Proposed Privatisation. F&N have received an irrevocable and unconditional undertaking from Leverage to cast vote in favor of the scheme. As of July 7, 2022, the court has granted Cocoaland an order o convene a Court Convened Meeting within 90 days from the date of the Order, for the purpose of considering and approving the Scheme. The transaction is expected to be completed in the 4th quarter of 2022. As of July 18, 2022, Securities Commission Malaysia (“SC”) have approved the transaction. The transaction is not expected to have a material effect on the issued share capital, consolidated earnings, EPS, NA, NA per share and gearing of Cocoaland Group and is expected to contribute positively to F&N's future earnings. AmInvestment Bank Berhad acted as financial advisor of F&N. Malacca Securities Sdn Bhd acted as financial advisor to Cocoaland Holdings Berhad. Cocoaland has appointed AmInvestment Bank as the Principal Adviser for the implementation of the Proposed Privatisation to be carried out by Cocoaland.

Fraser & Neave Holdings Bhd (KLSE:F&N) completed the acquisition of remaining 72.34% stake in Cocoaland Holdings Berhad (KLSE : COCOLND) from Leverage Success Sdn. Bhd. and other shareholders on October 4, 2022.