PETALING JAYA: Texchem Resources Bhd has proposed to acquire 1.40 million ordinary shares, or a 28% stake in Sushi King Sdn Bhd for RM102.2mil cash.

       In a filing with Bursa Malaysia, Texchem said its wholly owned subsidiary Sushi King Holdings Sdn Bhd (SKHSB) had entered into a share transfer agreement with Asia Yoshinoya International Sdn Bhd for the proposed acquisition.

       Texchem said the consideration would be funded via a combination of bank borrowings and internally generated funds.

       SKHSB’s shareholding in Sushi King is expected to increase from 70.35% to 98.35% following the acquisition.

       The proposed acquisition is expected to be completed by the first half of 2022.

       “The proposed acquisition would allow Texchem and its subsidiaries to enhance its assets and earnings base through the consolidation of the additional 28% equity interest of Sushi King and to facilitate easier decision making and control in the restaurant business operated under the restaurant division of the group,” it said.