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HIB acquires 51% stake in Woodpeckers

The Star · 02/12 23:00

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PETALING JAYA: Hextar Industries Bhd (HIB) is acquiring a 51% stake in food and beverage (F&B) company Woodpeckers Group Sdn Bhd for RM177.48mil.

In a filing with Bursa Malaysia, the fertiliser supplier said it acquired the stake from Tan Kai Young, Chua Ray-Men, Tan Sze Liang, Lee Ken Vern and Ricky Tjandra.

The Woodpeckers Group is principally engaged in the operation of F&B retail outlets, particularly in the frozen yogurt segment under the franchise name llaollao nationwide.

HIB said it intends to redeploy its financial resources towards the expansion for F&B retail business.

“The group aims to leverage rising consumer demand and growth potential of the Malaysian F&B services industry to drive the future growth of the group.”

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