Thursday 28 Mar 2024
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PETALING JAYA (Oct 5): Bison Consolidated Bhd, which runs the "myNEWS.com" outlets in Malaysia, is diversifying into food production to grow its business.

Bison chief executive officer Dang Tai Luk said the group’s wholly-owned subsidiary Mynews Food Sdn Bhd has inked two separate agreements with Japanese-owned companies Gourmet Kineya Co Ltd and MRA Bakery Sdn Bhd respectively for the development, supply, and sale of ready-to-eat food and baked goods.

"There is increasing demand for convenient access to retail stores that offer a variety of quality products and services. Therefore, these JVs are in line with Bison's growth and expansion strategy," he said at the JV agreements' signing ceremony here today.

According to Dang, Bison's food production venture will be undertaken at its food preparation and packaging facility in Rawang, Selangor.

Under the JV agreements, Dang said Bison owns a 51% stake each in both JV companies. He said Bison's total investment cost is RM35.7 million.

He said Bison will finance the investments using its internally generated funds and private placement proceeds.

At Bursa Malaysia, Bison's share trade has been suspended between 9am and 5pm today in conjunction with the JV agreements' signing ceremony. Prior to the suspension, Bison shares closed yesterday at RM2.38 for a market value of RM738 million.

 

 

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