“The recently acquired Sri Nona Group is only our first step in fulfilling our objective of building a packaged food pillar commensurate with our Beverages and Dairies businesses,” says F&N CEO Hui Choon Kit.
“We see this Cocoaland acquisition as a great opportunity to accelerate the growth of our packaged food business,” he adds.
“By combining Cocoaland’s and F&N’s brand marketing expertise and extensive distribution, we will have a vehicle to expand our portfolio in the fast-growing packaged food segments, fulfilling our ambition to be a stable and sustainable Food & Beverage leader in the ASEAN region,” adds Hui.
F&N shares closed at $1.25 on Nov 25, up 0.81% for the day and down 11.97% year to date.
