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Daily Express
2 days ago
- Business
- Daily Express
Life Water Berhad acquires Twinine
Published on: Friday, May 30, 2025 Published on: Fri, May 30, 2025 Text Size: Twinine recorded steady audited revenues of RM8.60 million in FY2022 and FY2023, and an unaudited RM8.50 million in FY2024, with a three-year average profit after tax (PAT) of RM0.91 million. Kota Kinabalu: Life Water Berhad, one of Sabah's leading beverage manufacturers, is taking a major leap beyond its core business with the RM10.5 million acquisition of Twinine Sdn Bhd, a seasoned player in the sauces and condiments market. Life Water Managing Director Liaw Hen Kong, said the move marks a significant milestone in Life Water's diversification strategy, while its core drinking water segment is set to grow by 40 percent with new production capacity coming online by the end of 2025. 'The acquisition was formalized via a Share Sale Agreement (SSA) to acquire 100 percent equity interest in Twinine, a company with over 35 years of experience and market presence across Sabah's West Coast, parts of Sarawak and Brunei,' he said in a statement. He said Twinine recorded steady audited revenues of RM8.60 million in FY2022 and FY2023, and an unaudited RM8.50 million in FY2024, with a three-year average profit after tax (PAT) of RM0.91 million. 'This is a strategic step forward in expanding our presence within the broader FMCG space. 'Twinine's product line complements our distribution capabilities, and we see clear potential to accelerate growth through cross-branding and tapping into shared consumer segments. We're particularly excited about bringing their products deeper into the East Coast of Sabah, where our existing network gives us a strong foothold,' he added. Advertisement As part of its integration plan, he said, the company will introduce dual-shift operations at Twinine's existing facility to boost production. 'The Group is also exploring the establishment of a new manufacturing site at the Kota Kinabalu Industrial Park to support long-term growth in the condiments category. Twinine's founder will remain on board for two years to guide the transition and help drive expansion plans,' Liaw said. The acquisition is expected to enhance group earnings and accelerate Life Water's entry into new consumer markets under its broader fast-moving consumer goods (FMCG) strategy. The company also revealed that its core drinking water operations are on track for a 40 percent capacity increase by the end of 2025. Liaw said The Group's new Keningau plant, operational since early this year, has already added 59 million liters of annual production, pushing total capacity to 448 million liters per annum. Further expansion is underway at the Sandakan Sibuga Plant 1, where a new manufacturing line is being commissioned and expected to be completed in the second half of 2025. 'This will add another 178 million liters of annual capacity, raising the Group's total production to 626 million liters—a 40 percent increase compared to current levels,' he said. The company also announced its financial performance for the third quarter ended 31 March 2025 (Q3FY25), reporting RM43.12 million in revenue—up 0.95 percent from the previous quarter—driven by seasonal demand for carbonated and fruit beverages. Liaw emphasised that the drinking water segment remained the largest contributor, accounting for 82.6 percent of revenue. The Group achieved a gross profit (GP) of RM19.52 million with a GP margin of 45.3 percent, while profit before tax (PBT) was RM8.11 million and PAT stood at RM6.48 million. Margins slightly moderated due to the implementation of the minimum wage policy and temporary inefficiencies linked to expansion. For the nine-month period ended March 31, Life Water recorded RM128.42 million in revenue and RM20.97 million in PAT, maintaining a solid PAT margin of 16.3 percent. With a two-pronged strategy of organic growth and strategic diversification, Life Water is positioning itself as a rising multi-category FMCG player in East Malaysia. The Twinine acquisition enhances its product offerings and opens new growth channels, while the expanded production footprint ensures continued leadership in the bottled water space. Liaw said, as consumer demand evolves and competition intensifies, Life Water remains optimistic about its growth trajectory for FY2025 and beyond. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Sun
4 days ago
- Business
- The Sun
Life Water diversifies beyond beverages with acquisition of sauce and condiment maker Twinine
PETALING JAYA: Life Water Bhd, a Sabah-based beverage manufacturer, has signed an agreement to acquire 100% equity interest in Twinine Sdn Bhd, a well-established sauce and condiment manufacturer, for RM10.5 million. The acquisition marks Life Water's first major diversification beyond beverages, strengthening its footprint in the broader fast-moving consumer goods (FMCG) sector. Founded over 35 years ago, Twinine has established a strong presence on the west coast of Sabah, part of Sarawak and in Brunei, with a consistent financial track record. The company recorded revenues of RM8.6 million in both FY22 and FY23, as well as an unaudited revenue of RM8.5 million in FY24, alongside a three-year average net profit of RM910,000. The strategic move enables Life Water to leverage its existing logistics and distribution network, thereby accelerating market penetration for Twinine's products. 'This acquisition is a natural extension of our FMCG portfolio. With overlapping distribution touchpoints and similar consumer demographics, we see significant cross-selling opportunities and operating synergies. More importantly, our network gives us the ability to broaden Twinine's reach across Sabah, especially into the east coast region, further strengthening its market presence,' Life Water managing director Liaw Hen Kong said in a statement. Growth plans include introducing two production shifts at Twinine's facility to boost output in line with demand, as well as exploring a new manufacturing site at Kota Kinabalu Industrial Park to support long-term expansion in East Malaysia. Twinine's founder will remain with the company for a two-year transition period to ensure continuity and provide guidance on growth strategies, including the development of the new facility. The acquisition is expected to contribute positively to Life Water's earnings. The acquisition coincides with the release of Life Water's third-quarter ended March 31, 2025 (Q3'25), in which it reported a net profit of RM6.48 million. The group recorded RM43.12 million in revenue, a 0.95% increase from the preceding quarter, supported by seasonal demand for carbonated and fruit drinks. The drinking water segment remained the largest contributor, accounting for 82.6% of total revenue. Life Water posted a gross profit of RM19.52 million, with a margin of 45.3%, while profit before tax stood at RM8.11 million, reflecting a margin of 18.8%. While margins moderated quarter-on-quarter due to the implementation of the minimum wage policy and temporary operational inefficiencies from expansion initiatives, the group remains confident in its long-term earnings resilience. For the nine months, Life Water reported revenue of RM128.42 million and a net profit of RM20.97 million, translating to a 16.3% margin. The group's new Keningau plant commenced operations in early 2025, adding 59 million litres of annual production capacity and bringing total drinking water capacity to 448 million litres per annum. The Sandakan Sibuga Plant 1 is commissioning a new manufacturing line, expected to begin operations in the second half of 2025, which will add 178 million litres of capacity and increase total annual production to 626 million litres, representing a 40% increase. Life Water continues to pursue a two-pronged strategy of organic expansion and strategic diversification. With the Twinine acquisition, Life Water is now well positioned to capture synergies across multiple FMCG segments, while reinforcing its core strength in beverage manufacturing. As Sabah's consumer landscape continues to evolve, Life Water remains optimistic about its growth trajectory in the current financial year and beyond.
New Straits Times
4 days ago
- Business
- New Straits Times
Life Water buys Sabah's Twinine for RM10.5mil in FMCG expansion
KUALA LUMPUR: Beverage manufacturer Life Water Bhd is acquiring Sabah-based sauces and condiments maker Twinnie Sdn Bhd for RM10.5 million, as it seeks to expand its portfolio in the fast-moving consumer goods (FMCG) sector. The group has entered into a share sale agreement to acquire 100 per cent equity interest in Twinine via cash. This marks its first major diversification beyond beverages and is expected to contribute positively to group earnings. Founded over 35 years ago, Twinine has a strong presence in the West Coast of Sabah, parts of Sarawak, and Brunei. It recorded audited revenue of RM8.6 million in 2022 and 2023, and unaudited revenue of RM8.5 million for 2024, with a three-year average profit after tax of RM910,000. Managing director Liaw Hen Kong said that with overlapping distribution touchpoints and similar consumer demographics, the group sees significant cross-selling opportunities and operational synergies. "This acquisition is a natural extension of our FMCG portfolio. Our network gives us the ability to broaden Twinine's reach across Sabah, especially into the East Coast region, further strengthening its market presence," he said in a statement. Life Water plans to introduce two production shifts at Twinine's facility to boost output in line with demand, and is exploring a new manufacturing site at Kota Kinabalu Industrial Park to support long-term expansion. Twinine's founder will remain with the company for a two-year transition period. For the third quarter ended March 31, 2025, Life Water recorded a net profit of RM6.48 million on revenue of RM43.12 million. Cumulatively, the group posted RM20.97 million in net profit and RM128.42 million in revenue for the nine-month period. There were no year-on-year comparisons provided, as this is the group's third interim financial report following its listing on the Main Market of Bursa Malaysia. Life Water said its production capacity expanded in early 2025 with the commissioning of its new Keningau plant, adding 59 million litres to its annual output. This brought total drinking water capacity to 448 million litres per year. Another facility, the Sandakan Sibuga Plant 1, is expected to add 178 million litres by end-2025, raising capacity to 626 million litres — a 40 per cent increase. The group said it remains optimistic about its growth prospects in the current financial year and beyond, as it continues to pursue both organic expansion and strategic diversification.
New Straits Times
6 days ago
- Entertainment
- New Straits Times
Malaysian tycoon ordered to pay ex-wife RM10.5mil in divorce settlement
KUALA LUMPUR: A woman has been awarded more than RM10.5 million in one of the most high-profile divorce settlements in recent years. High Court Judge Evrol Mariette Peters handed down the decision on May 25 in favour of the petitioner, referred to as Chan, against her tycoon former husband, identified as Shan. In her 167-page grounds of judgment, Peters said the marriage had "started off glamorous and exciting, filled with luxury and adventure," but later deteriorated into accusations of infidelity and emotional estrangement. She said while the couple projected an image of success and elegance, the court found that their marriage had long since crumbled beneath the surface. "What once seemed like a perfect love story slowly started falling apart, revealing deeper issues. "Arguments grew, with accusations of cheating, jealousy, and mistrust. "The pressure from society and constant scrutiny only made things worse, eventually leading to the marriage's messy breakdown," she said. Peters said that despite the breakdown, the court observed that the petitioner chose to remain in her two-decade-long marriage for many years before finally seeking a divorce. However, the judge found that her reasons were not rooted in emotional reconciliation. "It became apparent that the petitioner's decision was driven less by love or hope for reconciliation, and more by a desire to maintain the social standing and privileges associated with her role as the respondent's wife," she said. She said photographic evidence submitted to the court showed Chan alongside international celebrities, including designer Michael Kors, actress Kate Hudson, and members of the Kardashian family, as well as attending elite gatherings like the Cannes Film Festival. "These glimpses into her public life suggested that the petitioner valued the status and lifestyle afforded by her marriage more than the relationship itself. "The petitioner's insistence on maintaining the marriage, despite its evident breakdown, appeared to be driven more by a desire to preserve certain external benefits than by any sincere intention to reconcile or restore the marital relationship," said Peters. Chan had also sought damages from two women she accused of having extramarital affairs with her husband. However, Peters ruled that there was insufficient evidence to meet the legal burden under Section 58(3) of the Law Reform (Marriage and Divorce) Act 1976. "Suspicion, no matter how strong, is not a substitute for proof," Peters said, adding that the petitioner failed to prove adultery on a balance of probabilities as required under the law. The court also rejected the admissibility of a secretly recorded reconciliation meeting during which Chan claimed her husband admitted to infidelity. "Admitting the audio recording and its transcript as evidence would discourage parties in matrimonial disputes from engaging in honest discussions aimed at settlement." The court ordered the Shan to pay Chan a lump sum of RM6.72 million in spousal maintenance, calculated at RM35,000 per month over 16 years. Peters also awarded: RM1.04 million for her contributions to Shan business (known in court as ALIR), RM450,000 from Shan's EPF account, and RM350,000 to purchase a replacement vehicle. The total RM10.56 million is to be paid in staggered instalments, concluding in December 2027. The lengthy trial, which stretched over 80 days, featured 26 witnesses and over 16,000 documents.
Malaysian Reserve
26-05-2025
- Business
- Malaysian Reserve
Felda makes fresh takeover offer for FGV in second RM1.30 bid
THE Federal Land Development Authority (Felda) has launched a renewed bid to take FGV Holdings Bhd private by acquiring all remaining shares it does not already own at RM1.30 per share in cash – the same price it offered in its failed 2020 attempt. The unconditional voluntary takeover offer, made via Maybank Investment Bank Bhd, comes as Felda and its parties acting in concert (PACs) now control 86.93% of FGV's voting shares. This marks a significant jump from the 33.66% stake Felda held during its last privatisation attempt four years ago. As at May 20 – the latest practicable date – Felda directly held 2.54 billion FGV shares, representing 69.50% of the plantation group's issued share capital. The offer price is 1.56% higher than FGV's last traded price of RM1.28 and about 10% above its one-year average of RM1.18. The offer values FGV at RM4.75 billion and represents a steep discount to its initial public offering (IPO) price of RM4.55 in 2012, when it raised RM10.5 billion in what was then one of Malaysia's largest listings. Felda's current attempt to regain full control comes after Bursa Malaysia rejected FGV's request in March for more time to address its non-compliance with public shareholding spread requirements. FGV has been in breach of the minimum 25% public float rule since February 2021. The latest offer is led by Felda's wholly owned subsidiary Felda Asset Holdings Company Sdn Bhd, along with the Pahang state government under a concert-party agreement. Other PACs include Koperasi Kakitangan Felda Malaysia Bhd (Felkop) – whose board comprises Felda management – as well as Sulong Jamil Mohamed Shariff and his wife, Salina Hj Samsudin. According to FGV's filing with Bursa Malaysia, the offer will remain open for at least 21 days and is scheduled to close at 5pm on June 15, unless extended or withdrawn with the approval of the Securities Commission Malaysia (SC). Felda reserves the right to revise the offer terms, which would be announced at least two days before the closing date. Maybank Investment Bank, acting on behalf of Felda, said the takeover exercise complies with the Capital Markets and Services Act 2007 and the SC's rules on takeovers and mergers. Earlier today, Bursa Malaysia approved FGV's request to suspend trading in its shares pending a material announcement. Trading will resume at 9am on Tuesday, May 27. FGV's share price had risen steadily since late April, reaching a near one-year high of RM1.35 in mid-May, before settling at RM1.28 prior to the suspension. Felda's previous offer in 2020 followed its acquisition of shares from Retirement Fund (Incorporated) [KWAP] and Urusharta Jamaah Sdn Bhd for RM658 million, triggering a mandatory general offer at the same RM1.30 price. At the time, Felda had also sought Cabinet approval to terminate its 99-year land lease agreement with FGV, which had allowed the company to manage Felda's plantation land in return for lease payments. — TMR
