MILAN – Singapore-based property firm OUE agreed on Monday to take a a majority stake in Indonesian company Maxx Coffee Prima, which runs the Maxx coffee chain in Indonesia and Singapore.
OUE’s wholly-owned Oddish Ventures unit will pay 229 billion rupiah, or S$23.2 million in cash, to buy a 88.43 per cent stake from two firms, Inti Anugerah Pratama and Ciptadana Capital, reports The Business Times.
The net asset value of the shares was negative 151 billion rupiah as at Dec 31, 2019, the board disclosed, adding that the value of the deal was reached on the basis of factors such as “high barrier of entry into the Indonesia food and beverage market”, as well as the extra revenue stream from franchising, and access to “prime retail locations in Indonesia”.
“The acquisition will augment and synergise with the group’s continuing strategy to scale up and optimise its existing food and beverage portfolio,” OUE said in its statement.
Characterised by a contemporary design, Maxx coffee stores offer comfortable settings and thoughtful features including co-working spaces, functional meeting rooms and manual brew bar offering select range of single origin coffees handcrafted with different brewing methods.