KUALA LUMPUR (Sept 8): Pan Malaysia Corp Bhd (PMC) said it is acquiring the remaining 49% stake in A&W (Malaysia) Sdn Bhd for RM69.45 million, in a related party transaction.

PMC said it is buying the stake from Inter Mark Resources Sdn Bhd by paying RM41.67 million in cash and through the issue of 111.13 million new PMC shares at 25 sen per share.

The issue price of 25 sen represents a 28.6% premium to the five-day volume weighted average price (VWAP) of PMC shares up to the last practical date of 19.4 sen per share, the group said in a bourse filing on Friday.

It also represents a 29.74% premium to the five-day VWAP up to Thursday of 19.3 sen per share.

PMC said the acquisition is regarded as a related party transaction as Inter Mark is a substantial shareholder of PMC.

In addition, Ang Choon Yan @ George Ang is a substantial shareholder of PMC and the ultimate beneficial owner of Inter Mark via his interest in Eng Food Holdings Pte Ltd.
Ang, who is a director of both A&W and Inter Mark, holds an 8.98% stake in PMC since March 2022.

PMC, which had acquired the initial 51% stake in A&W in 2021 for RM21.04 million, said it is buying the remaining 49% as part of its diversification into the food and beverage (F&B) services and F&B business.

The group said the cash consideration will be funded via internally-generated funds as well as the proceeds from the disposal of its leasehold land owned by its wholly-owned subsidiary Network Foods Industries Sdn Bhd to Amazing Blitz Sdn Bhd for RM41 million.

PMC shares closed 0.5 sen or 2.63% higher at 19.5 sen, valuing the group at RM150.8 million.