JOHOR-based furniture manufacturer SHH Resources Holdings Bhd is acquiring a 51% stake in Foods Wise Network Sdn Bhd for RM7.31 million to diversify its business and capitalise on the growing food industry in Malaysia.
SHH said in an exchange filing today that it entered into a sales and purchase agreement on Oct 10 with Food Wise shareholders Ang Seok Hong and Abdul Latif Mohd Nasir.
Foods Wise specialises in developing and selling natural ingredients, health foods, and frozen fruits.
SHH’s share price closed 11.5% lower at RM1.15, resulting in a market capitalisation of RM115 million. — TMR