Sunday 14 Jul 2024
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KUALA LUMPUR (Nov 6): Sedania Innovator Bhd has proposed to acquire a 51% stake in premium personal care products and food supplements producer Tanamera Group Sdn Bhd (TGSB) for RM8.18 million, cash.

In a filing to Bursa Malaysia on Monday, Sedania said it has entered into a conditional shares sale agreement with the vendors to acquire 4.35 million shares in TGSB and simultaneously entered into a conditional subscription agreement with TGSB to subscribe for an additional 3.4 million shares in TGSB’s enlarged capital for RM3.68 million, resulting in TGSB becoming a 51%-owned subsidiary of Sedania.

The vendors are Mohamad Faisal Ahmad Fadzil, Fauziah Ahmad Fadzil and Faridah Ahmad Fadzil.

The group said the proposed stake acquisition is expected to be completed by the first quarter of next year.

"The strategic alliance not only allows Sedania to capture a bigger wallet share of household spending but also extends our value chain and cements our new role as the trailblazer in sustainable healthcare, equipped with the capacity for design and manufacturing.

“This allows us to rationalise our product range, strengthen our unique selling proposition, and ultimately improve our margins.

“This will also be a big win for Tanamera as it will be able to enhance its reach and strengthen its position by leveraging Offspring's 800 points of sale in Malaysia and strong international presence in 26 countries,” said Sedania founder and managing director Datuk Azrin Mohd Noor.

Based on its latest audited financial statements for the financial year ended Dec 31, 2022 (FY2022), Tanamera reported a net loss of RM160,783.

With over 20 years of experience, Tanamera specialises in the formulation and production of a range of natural body care products such as soaps, scrubs, massage oils, and essential oils, with natural tropical-based plant ingredients.

At the time of writing, Sedania shares traded unchanged at 20 sen, giving the group a market capitalisation of RM69.47 million.

Edited ByIsabelle Francis
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