KUALA LUMPUR (Nov 26): Philippines' Universal Robina Corp (URC) is acquiring Munchy Food Industries for RM1.925 billion (or approximately 22.9 billion Php) on a cash-free and debt-free basis, to scale up its existing business in Malaysia and further increase its presence across the ASEAN region, while also improving overall profitability. URC via its subsidiary URC Snack Foods (Malaysia) Sdn Bhd (URC MY) entered into an agreement on Thursday (Nov 25) to acquire 100% equity interest in Crunchy Foods Sdn Bhd (CFSB) which fully owns Munchy Food Industries Sdn Bhd (MFI) and its subsidiary Munchworld Marketing Sdn Bhd (MWM) from private equity firm Crunchy Ltd.
Universal Robina Corp. (URC), the food group of the Gokongweis, said it is buying Malaysia’s Munchy Food Industries Sdn Bhd for P22.9 billion or RM1.92 billion on a cash-free and debt-free basis. In its disclosure, the company said the acquisition will make the local unit of URC in Malaysia the…