Latest news with #RM30.8
Rakyat Post
a day ago
- Business
- Rakyat Post
A Fresh Recipe for Success: Chef Wan's Restaurant Backer In RM30.8m Deal
Subscribe to our FREE Oasis Harvest Corporation, a food and beverage company listed on Bursa Malaysia, is making a big move in the restaurant world. They're planning to buy over Metta Food & Lifestyle, which holds an 80% stake in the companies operating 1958 by Chef Wan and Cafe Chef Wan restaurants, for RM30.8 million. The remaining 20% stake in these operating companies is owned by Chef Wan, whose real name is Datuk Redzuawan Ismail, through his company Redzuawan Ismail Holdings Sdn Bhd. The deal has an interesting twist because one of the key players, Datuk Seri Tan Ooi Han, wears multiple hats in this story. He's not just a big shareholder and executive director at Oasis Harvest – he's also involved with Metta as a shareholder, director, and one of the sellers. Details of the proposed acquisition have been Oasis Harvest bercadang utk ambil alih 100% ekuiti Metta Food (pengendali jenama 1958 dan Cafe Chef Wan) dengan nilai RM30.8 juta sebagai usaha strategik memperluaskan empayar F&B dan hospitaliti Chef Wan kekal sebagai ikon utama jenama 👍 — StratCommX (@StratCommX) Show Me The Money: Profit Promises and Payment Plans The sellers seem pretty confident about how well these restaurants will do. They're so sure that they've promised the restaurants will make at least RM5.6 million in profit over the next two years (until June 2026). As for how they're paying for all this, Oasis Harvest has it planned out. RM6 million will come from selling some property they own, and they'll borrow the remaining RM24.8 million from banks. Strategic Growth: Adding Star Power to the Restaurant Portfolio Ch'ng Eu Vern, who's an Executive Director at Oasis Harvest, explains that this purchase makes a lot of sense for them. 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 They already own other restaurant chains, such as Uncle Don's and Verona Trattoria, and adding these Chef Wan restaurants will help them expand further in the food, travel, and hospitality industries. Once everything's finalised, Oasis Harvest plans to find ways to run all its restaurants more efficiently together. It's like adding new members to their restaurant family, but making sure everyone works well together. Proof in the Pudding: Growth and Success While some social media comments have questioned why Chef Wan doesn't fully own his 1958 and Cafe Chef Wan restaurants, the current 20% ownership structure through his holding company, is The misconception that celebrity chefs should be sole proprietors overlooks the complex reality of running a restaurant chain, where substantial capital investment and business expertise are crucial for success and expansion. The current partnership model has proven effective, with the brand expanding to eight outlets across the Klang Valley and Melaka, while maintaining its quality standards and brand value. The proposed RM30.8 million acquisition deal by Oasis Harvest, which is still pending finalisation, would further validate the effectiveness of this business model, suggesting that having professional investors and operators handle the business side is beneficial. At the same time, the celebrity chef's focus on culinary excellence and brand development can be a winning formula in the competitive food and beverage (F&B) sector. Chef Wan Sets the Record Straight on Business Structure As Chef Wan clarified in his social media post, he maintains his 20% equity in the business through Metta (the investment company that owns 80% of the group of companies), and continues to manage the recipes, kitchen and chefs. At the same time, his business partner handles overall management. Beyond the equity stake, Chef Wan also receives 5% of the gross monthly revenue for living expenses—a business structure he chose after consulting with corporate lawyers and successful corporate friends to leverage his global brand and recipes, which he has built over 37 years in the industry. He strongly criticised those spreading misinformation and calling for boycotts based on racial issues regarding Chinese investors, warning that such defamatory statements could lead to legal consequences. As he pointed out, many businesses in Malaysia operate through multi-racial partnerships, and he urged critics to 'do their homework' before making unfounded accusations. Parts of this story have been sourced from Share your thoughts with us via TRP's . Get more stories like this to your inbox by signing up for our newsletter.
New Straits Times
2 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
2 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.
New Straits Times
27-05-2025
- New Straits Times
Massive timber raid nets RM97mil in seizures, dozens arrested
KUANTAN: A series of crackdowns on unlicensed timber factories by the General Operations Force (GOF) on the east coast has led to the arrest of 98 individuals and the seizure of various items worth RM97 million this year. The integrated operation, codenamed 'Op Bersatu Khazanah (Op Sawmill)', was carried out by the GOF Tenggara Brigade in collaboration with the Forestry Department, involving inspections of 32 premises across Pahang, Terengganu, and Kelantan. The first and second phases of the operation were conducted between February 11 and May 19, followed by a third phase on May 20. The raids targeted illegal sawmills engaged in unlicensed timber processing. Bukit Aman Internal Security and Public Order Department (KDNKA) Director, Datuk Seri Azmi Abu Kassim, said the individuals arrested — mostly sawmill workers — were aged between 18 and 80, and included 10 women. He said items valued at RM66.5 million were confiscated during the first two phases of the operation, which took place in Kelantan and Terengganu. "Various wood-processing and cutting equipment, including chainsaws, heavy machinery, and logs, were seized. Some factory owners were fined for operating without a licence, using unauthorised machinery and equipment, and violating timber-related regulations. "A total of 18 raids were conducted during these phases, resulting in the arrest of 53 individuals. Thirteen were charged in court, while the remaining 40 were released on bail pending further instructions from the Deputy Public Prosecutor's office," he said during a press conference on 'Op Sawmill' at the Galing GOF Camp today. Also present was Peninsular Malaysia Forestry Department Director (Enforcement), Abd Ramlizauyahhudin Mahli. Azmi said that the third phase of the operation on May 20 was a joint effort led by Bukit Aman GOF along with the Tenggara Brigade, the Forestry Department, the Labour Department, and local authorities, during which 14 timber factories across the east coast were inspected. "Some of the factory owners committed various offences, including operating without valid licences, employing foreign workers without permits, and being unable to provide export or import licences for forest timber products or logs. "Assets worth RM30.8 million were seized, including 47,709 pieces of forest timber valued at RM11 million, heavy machinery worth RM4.3 million, and wood-processing tools worth RM15 million. A total of 232 individuals were screened, and 45, including eight women, were arrested," he said. He said those detained during 'Op Sawmill' throughout this year included 58 locals, along with 17 Myanmar nationals, 14 Indonesians, seven Bangladeshis, one Nepalese, and one Indian national. Azmi said that illegal sawmills pose a threat to public safety and order, prompting the GOF to hold regular meetings with the Forestry Department to develop effective countermeasures. "All raids were preceded by extensive surveillance. We worked closely with the Forestry Department to conduct initial monitoring before planning and executing the raids," he said. 'Op Sawmill' involved 295 GOF officers and personnel, including officials from the Forestry Departments in Pahang, Kelantan, and Terengganu, as well as representatives from health and local authorities.
