KUALA LUMPUR: Fraser and Neave Holdings Bhd (F&N) plans to acquire the entire equity interest in Cocoaland Holdings Bhd not already owned by it for RM488.15mil, and subsequently, the privatisation of Cocoaland, to be undertaken by way of a members’ scheme of arrangement.

       In a filing with Bursa Malaysia, F&N said Cocoaland’s board is to revert to F&N no later than 5pm on June 17, 2022, on whether to put forward the proposal for the privatisation to the Scheme Shareholders for their consideration.

       “Based on 325.43 million Cocoaland shares held by the Scheme Shareholders, representing about 72.34% of the share capital of Cocoaland as of May 31, 2022, the total consideration for the proposed privatisation is about RM488.15mil, which shall be satisfied in cash,” Bernama reported F&N as saying.

       “The issued and paid-up share capital of Cocoaland is worth RM130.15mil, comprising 457.6 million ordinary shares, and F&N directly holds 124.42 million shares, representing about 27.66% equity interest in Cocoaland,” it said.

       The trading of Cocoaland’s shares as well as those of its second-largest shareholder, F&N, was suspended yesterday pending the announcement.