PETALING JAYA: Texchem Resources Bhd’s wholly owned subsidiary Sushi King Holdings Sdn Bhd has entered into a share transfer agreement with Asia Yoshinoya International Sdn Bhd to increase its stake in Sushi King by 28% for RM102.2 million cash.
With the acquisition, the group’s stake in Sushi King will be increased from 70.35% to 98.35%.
Texchem explained that the proposed acquisition allows it to facilitate easier decision making and control in the restaurant business operated under its restaurant division.
It said the increased stake will strengthen Sushi King’s decision making processes, allow greater flexibility and speed in its business strategy for a more effective and efficient execution of its growth strategies and operations.
The group’s board is cautiously optimistic of the subsidiary’s prospects moving forward.
