KUALA LUMPUR (Jan 19): Ekuiti Nasional Bhd (Ekuinas) increased its investments in the food and beverage (F&B) business with the latest acquisition of an 85.76% stake in Revenue Valley Sdn Bhd.
Ekuinas said on Thursday it invested RM64.70 million for the stake in Revenue Valley -- which owns and operates Manhattan Fish Market, the Malaysian franchise of Tony Roma’s and the Malaysia and Singapore franchises of Popeye’s.
Ekuinas, which is the government-linked private equity fund management company, said the latest acquisition would see it having five complementary F&B brands with a combined revenue of almost RM200 million over 97 outlets in Malaysia, Singapore and Thailand.
It said the investment of RM64.70 million in Revenue Valley Group involved acquiring the existing stake, repayment of shareholders’ advances predominantly from Sweet Benefit Sdn Bhd and Creative Goal Sdn Bhd, which are existing financial investors in the company, and an additional capital injection into the group to finance the proposed aggressive outlet expansion programme.
“The proposed investment is subject to fulfillment of conditions precedent and is expected to be completed by the first quarter of 2012,” it said