Latest news with #OasisHarvestCorporationBhd
New Straits Times
6 days ago
- Business
- New Straits Times
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 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.
The Sun
6 days ago
- Business
- The Sun
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 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.
The Sun
21-05-2025
- Business
- The Sun
Oasis Harvest Q1 revenue drops to RM2.72m amid streamlined F&B operations
KUALA LUMPUR: Bursa Malaysia-listed food and beverage (F&B) player Oasis Harvest Corporation Bhd reported a net loss of RM0.97 million on the back of RM2.72 million in revenue for the first quarter (Q1) ended March 31, 2025 (FY25). The decline in revenue for the quarter, from RM3.72 million in the same quarter last year, was primarily due to the streamlined operations in the F&B segment. Oasis had strategically reduced its Uncle Don's restaurant outlets from six to three, in line with its ongoing efforts to optimize costs and enhance profitability. Commenting on the quarterly results, executive director Ch'ng Eu Vern said the reported loss for Q1 FY25 was largely influenced by strategic operational restructuring aimed at ensuring its future growth remains sustainable. 'While the closure of some outlets impacted our immediate revenues, these decisions were necessary steps to maintain cost discipline and improve the overall operational efficiency of our restaurant business,' he said. Ch'ng further explained the difference in comparative profitability, noting, 'It's important to highlight that the corresponding quarter last year included a RM2.1 million contingent consideration waiver, which positively impacted our results previously. 'Excluding this exceptional item, our current financial performance is aligned with expectations, reflecting ongoing adjustments designed to deliver longer-term financial stability and improved shareholder returns,' he said. Despite the near-term challenges, Oasis successfully generated positive cash flow from operating activities amounting to RM0.86 million during the quarter, indicating healthy underlying operational efficiency and prudent management of working capital. Moving forward, Oasis remains confident in its long-term strategic direction. 'We continue to invest in improving customer experiences, refining our menu offerings, and enhancing cost control measures across all outlets. 'These initiatives are critical for guaranteeing sustainable growth and delivering consistent value to our shareholders over the long run,' Ch'ng added. The group maintains a cautiously optimistic outlook, bolstered by its strategic position in the Klang Valley, which continues to show resilience even amid global economic uncertainties. Oasis remains committed to strengthening its F&B business, exploring complementary sectors within the travel, leisure, and hospitality ecosystem to diversify revenue streams and enhance shareholder value. Ch'ng said Oasis remains confident in its long-term strategic direction.
