CP Axtra Public Company Limited (SET: CPAXT) has disclosed information through the Stock Exchange of Thailand that Siam Food Services Company Limited (SFS), in which the company holds 99.99% of total shares, acquired 100% of the total paid-up registered capital in ordinary shares of Renewed Hope Pte. Ltd. (Renewed Hope), a holding company incorporated in Singapore. Upon completion of the transaction, Renewed Hope became an indirect subsidiary of CAPXT.
CPAXT acquired 100% of the registered paid capital in ordinary shares of Renewed Hope from the seller with a purchase price of MYR 1,051 million (equivalent to THB 8,086.97 million).
Renewed Hope is a holding company, holding shares in Companies under the main brand – Lucky Frozen which is engaged in the food import, production and distribution to hotel, restaurant, retail, and wholesale sectors in Malaysia.
CPAXT stated that the company will source loans from financial institutions in Thailand to fund the acquisition.
The acquisition of ordinary shares aligns with the Company’s core strategy to strengthen its food proposition across the ASEAN region, particularly in the foodservice segment, one of the Company’s key wholesale business units. The Company’s foodservice has established expertise in this area, with an extensive service network covering 20 cities across seven countries in Asia Pacific and the Middle East. At present, the foodservice business continues to deliver stable performance and supports the growth of food product categories within the Company’s core operations. Malaysia, in particular, is considered a strategic market with a high potential market, underpinned by solid economic fundamentals and consumer purchasing power. It is also a market where the Company already operates a retail business. Accordingly, this investment is expected to further support the Company’s growth across the ASEAN region, while strengthening the long-term growth potential of the Company’s foodservice business.
