Oasis Harvest acquires Chef Wan dining brands for RM30.8m
KUALA LUMPUR: Bursa Malaysia-listed food and beverage (F&B) player Oasis Harvest Corporation Bhd has proposed to acquire the entire stake in Metta Food & Lifestyle Sdn Bhd for RM30.8 million.
The acquisition will enhance Oasis' presence in the domestic F&B sector with renowned dining brands such as De.Wan 1958 by Chef Wan and Cafe Chef Wan.
Metta, through its establishments, is known for banquet-themed dining experiences and cafes that capture diverse culinary tastes.
This strategic acquisition enables Oasis 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.
Commenting on the acquisition, Oasis executive director Ch'ng Eu Vern said this acquisition perfectly aligns with the company's strategic vision to diversify and strengthen offerings in the F&B, travel, leisure, and hospitality sectors.
'Chef Wan's prominent brands will significantly complement and expand our existing portfolio,' he said in a statement.
The acquisition includes a profit guarantee from the vendors, ensuring Metta achieves a cumulative audited net profit of at least RM5.6 million over two years ending June 30, 2026, reflecting strong confidence in the long-term growth and profitability of the enlarged group.
Post-acquisition, Oasis intends to streamline Metta's operations with existing brands such as Uncle Don's and Verona Trattoria.
Leveraging Metta's central kitchen will enhance operational efficiency, cost management, and consistent food quality across the company's establishments.
'We are dedicated to creating a cohesive and integrated ecosystem across our brands to optimise shared resources, enhance our market presence, and deliver improved profitability.
'This strategic acquisition strengthens our competitive edge and underscores our commitment to offering exceptional dining and hospitality experiences,' he said.
The acquisition will be financed partly by reallocating existing proceeds and supplemented by bank borrowings.
Oasis anticipates this corporate exercise, pending approval by shareholders and relevant authorities, to contribute positively to company earnings and overall shareholder value.
With Malaysia's F&B and hospitality sectors displaying robust growth driven by tourism and consumer spending, Oasis remains optimistic about its future prospects.
This strategic move highlights the company's ongoing dedication to innovation, outstanding service, and sustainable growth for all stakeholders.
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