It intends to use this factory and warehouse for the group’s trading and frozen food business segment, and its food services and dairy business segments to the extent feasible.
The acquisition is also expected to support the group’s future growth by improving its ability to scale operations and meet increasing customer demand, it notes.
The acquisition will be funded through a combination of internal resources and bank borrowings.
Assuming the proposed acquisition goes through, the net tangible asset per share of the company will not change at 65.3 sens, and earnings per share will decline to 9.3 sens.
See also: Luckin Coffee backer Centurium said to be in advanced talks for Blue Bottle
Shares in Envictus closed 0.5 cents lower or 1.266% down at 39 cents on Jan 19.
