Fraser and Neave, Limited (F&N) today announced that it has signed a non-binding agreement to acquire a 70 per cent stake in Malaysian beverage company Yoke Food Industries Sdn Bhd (YFI).
YFI, which manufactures, markets and distributes beverages in Malaysia, as well as exports to Singapore, Indonesia and Indochina, is a Malaysia-based company with an annual turnover of more than RM85 million (S$32 million). Its brands include Day Day, SoSoy and Juice Secret.
The transaction is expected to be completed by September this year, subject to the execution of definitive agreements and various approvals.
The investment allows the company to optimise its existing direct distribution network to outlets across Malaysia and Singapore, as well as increase its presence in Indonesia and Cambodia.
Dato Ng Jui Sia, Chief Executive Officer, Non-Alcoholic Beverages, says, "YFI has had a contract-packing relationship with F&N for many years. We are extremely pleased to take this relationship to the next level."