RAWANG-based snack and candy maker Cocoaland Holdings Bhd is said to be a takeover target of a European private equity (PE) firm and an Asian buyout firm, according to people familiar with the matter. “Two buyout giants, one from Europe, another from Asia, are eyeing a controlling stake in Cocoaland. That’s why we have seen some movements in Cocoaland’s share price recently,” one of the sources tells The Edge. Fraser & Neave Holdings Bhd — controlled by Singapore-listed Fraser & Neave Ltd (F&N) — is the second largest shareholder of Cocoaland with a 27% stake. Interestingly, before establishing Cocoaland, the Liew brothers were small-time vendors for Apollo Food, Oriental Food Industries and Mamee-Double Decker (M) Sdn Bhd.

Source: The Edge Markets January 31, 2022 20:00 UTC