Oasis Harvest to buy Chef Wan-branded restaurant, cafe chains for RM30.8 mil
KUALA LUMPUR: Oasis Harvest Corporation Bhd, a Bursa Malaysia-listed food and beverage (F&B) player, has proposed to acquire the entire equity interest in Metta Food & Lifestyle Sdn Bhd (Metta) for RM30.8 million.
Metta is the operator of banquet-themed restaurants and cafes under the brands De.Wan 1958 by Chef Wan and Cafe Chef Wan.
In a statement today, Oasis Harvest executive director Ch'ng Eu Vern said the acquisition includes a profit guarantee from the vendors, ensuring Metta achieves a cumulative audited profit after tax of at least RM5.6 million over two years ending June 30, 2026.
This reflectes strong confidence in the long-term growth and profitability of the enlarged group, he said.
"This acquisition perfectly aligns with our strategic vision to diversify and strengthen our offerings in the F&B, travel, leisure, and hospitality sectors. Chef Wan's prominent brands will significantly complement and expand our existing portfolio," he added.
According to Ch'ng, the strategic acquisition will enable Oasis Harvest to broaden its culinary offerings, benefiting from Metta's market recognition, operational expertise, and the prestigious reputation of international celebrity chef Datuk Redzuawan Ismail, famously known as Chef Wan.
Post-acquisition, Oasis Harvest intends to streamline Metta's operations with existing brands such as Uncle Don's and Verona Trattoria.
In a filing with Bursa Malaysia yesterday, Oasis Harvest said the purchase will be financed partly by reallocating existing proceeds from a proposed property disposal (RM6 million) and supplemented by bank borrowings (RM24.8 million).
The proposed acquisition is deemed as a related party transaction as Datuk Seri Tan Ooi Han, who is Oasis Harvest executive director and major shareholder, is also a vendor as well as a director and shareholder of Metta.
SCS Global Advisory (M) Sdn Bhd has been appointed as the independent adviser to advise the non-interested directors and non-interested shareholders of the company in relation to the proposed acquisition.
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