OldTown Berhad, one of Southeast Asia’s leading coffee manufacturers and café operators, is set to sell a majority stake to Jacobs Douwe Egberts (JDE) for about $361 million, as the latter looks to expand its coffee empire.
OldTown Berhad, which has 232 outlets, mostly in Malaysia, said on December 12 (Monday) that JDE had offered 3.18 ringgit per share, a premium of 10.42 percent to its last trading price on Thursday. Trading in OldTown shares was halted Friday pending an announcement.
