Harrisons to buy 100% stake in Singapore’s Famous Amos

by TMR

Harrisons Holdings (M) Bhd is buying over Famous Amos Chocolate Chip Cookie Singapore Pte Ltd for SGD5.7 million through its 51% indirect subsidiary, Famous Food Company Pte Ltd (FFC).

In a filing to Bursa Malaysia yesterday, Harissons said it has entered into a memorandum of understanding with Shiak Esa Taha Mattar, Yeo Geok Choe and Anne Leong Sau Leng for the deal.

The statement added the move enables the company to expand to other regional territories as Famous Amos’ business has been established in Singapore since 1983 and recorded a profitable business. 

The acquisition will enable Harrisons to capitalise on its overseas expansion platform and expand its distribution and wholesaling business.

“Harrisons plans to acquire its second major retailing concept after the recent 100% acquisition in Watts Harrisons Sdn Bhd, which retails and wholesale products under the KOMONOYA brand in Malaysia, Singapore and Brunei,” it said yesterday.

The acquisition was derived based on a willing-buyer-willing-seller basis while the purchase price was arrived upon the price and earning ratio of 7.85 as audited on Sept 30, 2017.

The company expects to complete the proposed acquisition within three months from the signing of the agreement.