KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas), together with its partner, Datuk Abdul Rahim Mohd Zin, will divest 100% stake in Lyndarahim Ventures Sdn Bhd, the holding company of San Francisco Coffee (SF Coffee) for RM24mil.
In a statement, the government-linked private equity fund management company said it was disposing of its 90% equity stake in SF Coffee as part of its restructuring exercise of food and beverages portfolio.
Ekuinas, together with Abdul Rahim, had signed a conditional agreement with a consortium comprising Platinum Appreciation Sdn Bhd and Brothers Coffee Ventures Sdn Bhd (formerly known as Brothers Burger Ventures Sdn Bhd) for the divestment of the interests in SF Coffee.
Platinum Appreciation is a wholly-owned unit of Envictus International Holdings Ltd, a company listed on the Singapore stock exchange.
Equinas said the completion of this exercise was subjected to conditions precedent, including Envictusâ€™ shareholdersâ€™ approval, which was expected to be completed by the end of first quarter 2016.
â€œThe consortium was selected after it submitted the best offer under a sale process that attracted the interest of a number of local and international parties,â€ it said.
The divestment was estimated to substantially cover the original cost of investment . â€“Bernama