Texchem to sell stake in Sushi King

PETALING JAYA: Texchem Resources Bhd (TRB) has entered into a share sale agreement with Asia Yoshinoya International Sdn Bhd, one of the largest restaurants' operators in Japan, to dispose of its 28% shareholding in Sushi King for RM102.2 million.
The disposal will reduce TRB's stake in Sushi King to 70.35% from 98.35% .
TRB said the sale will be fully satisfied in cash and it intends to use the proceeds from the proposed disposal to repay part of the borrowings and to finance the expansion of its restaurant business.
Asia Yoshinoya International's participation in the business operations of Sushi King is expected to generate synergies for both companies to exchange technology and operational efficiencies to further improve Sushi King's business.
Sushi King which was incorporated in Malaysia on 1995, operates a chain of retail sushi outlets.
The audited profit after tax of Sushi King for the financial year ended Dec 31, 2013 was RM19.52 million and the audited net assets as at Dec 31, 2013 was RM20.79 million.