Oldtown proceeds with Cambodia foray

PETALING JAYA: Oldtown Bhd, which has received a privatisation offer for RM3.18 per share, is continuing with its expansion plans into Cambodia.

The group told Bursa Malaysia that its wholly owned subsidiary Kopitiam Asia Pacific Sdn Bhd had on Dec 14, 2017 entered into a master licence agreement with Biniton Food & Beverage Co Ltd and Bun Khang to confer the right to operate the restaurant business under the brand name of “Oldtown White Coffee” in Cambodia.

The agreement is valid for five years beginning from Dec 14, 2017 with an option to renew for two consecutive terms of five years each. The first Cambodian outlet is scheduled to be opened by the second quarter of 2018.

Oldtown’s share price fell 1 sen or 0.3% to RM3.08 today on 1.27 million shares done.