Red Sena up 1.27% on regional qualifying acquisition plan

-A +A

KUALA LUMPUR (March 17): Shares of Red Sena Bhd, the country's first food and beverage (F&B) special purpose acquisition company rose 1.27% in early trade today after it said it would like to undertake its qualifying acquisition in Thailand, Indonesia or Malaysia.

At 9.27am, Red Sena added half a sen to 40 sen with 293,000 shares done.

Speaking to pressmen after the company's annual general meeting yesterday, Red Sena chief executive officer Joseph Tan Eng Guan said these three countries offered the greatest potential followed by Vietnam and the Philippines.

"If you look at the population size and F&B business development, you will naturally come to this kind of order as well," he said.

The company is in the process of identifying and screening potential QAs, he said, adding that it is currently engaging with regional mergers and acquisitions specialists.