URC buys Malaysia’s Crunchy Foods for P23B

Photo from Munchy’s from official website

MANILA, Philippines – Gokongwei-led Universal Robina Corp. has raised its stake in Southeast Asia’s consumer market with a P22.9-billion deal to take over lock, stock and barrel of Malaysian food manufacturer Crunchy Foods Sdn. Bhd.

URC’s subsidiary URC Snack Foods (Malaysia) Sdn Bhd signed the agreement to acquire 100 percent of Crunchy Foods, which fully owns Munchy Food Industries Sdn Bhd and its wholly-owned unit Munchworld Marketing Sdn Bhd.

“The transaction value is MYR 1.925 billion (or about P22.9 billion) on a cash-free and debt-free basis,” URC disclosed to the Philippine Stock Exchange on Friday.

“The final consideration will be disclosed upon completion and closing of the transaction,” the disclosure added.

Trading on URC was suspended effective 9:08 am on Friday at the local stock exchange pending submission of a comprehensive disclosure on this transaction.

The PSE said this transaction was covered by the rule on disclosure of substantial acquisitions and reverse takeovers.

gsg