Bonia Corporation has announced that it had entered into a letter of intent with IT SEA Holdings Sdn. Bhd the brand owner of A Bathing Ape, Aape and I.T to acquire 30% stake in the company.
The LOI will discuss and explore the potential subscription by Bonia of 6,193,000 new ordinary shares equivalent to or representing 30% of the total enlarged number of issued shares of ITSH (post-Proposed Subscription) at the total subscription consideration of RM7.5 million based on discounted cashflow valuation.
The deal will be subject to the final findings, results and valuation from the due diligence exercise to be conducted on ITSH and its subsidiaries/associate.
Bonia said it believes that the proposed subscription, if materialised, will complement and increase its range of product
offerings to provide a wider assortment of products to cater for the constant change and demands of the consumers in
the fashion retail industry. Subsequently, the group will add brand names such as “A Bathing Ape”, “Aape”, and the “I.T.” multi-label brands into its existing suite of brand names.
It also said the addition of these established lifestyle fashion brands with strong brand equity offers significant growth opportunities and is in line with its long-term business strategy.
