Etika: accomplishes Family Bakery Group acquisition

Kuala Lumpur / MY. (eih) Etika International Holdings Limited, a food and beverage manufacturer in Malaysia, has completed the acquisition of Family Bakery Sdn Bhd, Daily Fresh Bakery Sdn Bhd and Hot Bun Food Industries Sdn Bhd (collectively referred as Family Bakery) for 18,17 million Malaysian Ringgit (MY) cash, approximately 4,29 million EUR (Interbank on 2010-10-04). «We are delighted to welcome Family Bakery into the Etika group. As part of our strategy to further strengthen our position as a leading regional food and beverage group, the bakery business has been identified as one of the group´s potential growth drivers going forward», said chairman Datuk Jaya Tan in a statement. CEO Datuk Kamal Tan said in the same news release Etika expects to reap synergistic benefits from the acquisition in view of Family Bakery´s fundamental similar with its existing bakery business. According to the company Family Bakery would continue to operate at its existing facility in Meru, Kalang in the next two years before the group considers relocation of its operation as it was still able to accommodate additional expansion required in the near term.