Kuantan Flour Mills to expand into pet food industry

PETALING JAYA: Kuantan Flour Mills Bhd (KFM), a Practice Note 17 (PN 17) company, has entered into a memorandum of understanding (MoU) with MCM Petcare Sdn Bhd for a proposed business collaboration to facilitate its expansion into trading and retailing of pet food products.
The group said in a Bursa Malaysia filing that the eventual plan is to venture into the manufacturing of pet food products.
The collaboration could be executed either through a business collaboration arrangement between both parties or a direct acquisition of a majority equity interest in MCM.
The MoU is valid for a period of six months.
MCM has been distributing pet care products to retailers such as super or hypermarkets and pet shops throughout Malaysia since 1999.
KFM's shares fell 6.67% to close at 14 sen on some 10,000 shares done.