Dolphin International Proposes SSA Variation, Private Placement, Name Change

Dolphin International Berhad (“Dolphin” or the “Company”), a prominent player in Malaysia’s Food & Beverage (“F&B”) sector listed on Bursa Malaysia, announces a series of strategic initiatives aimed at reinforcing its market position. These initiatives include a proposed variation to the Sale and Purchase Agreement (“SSA”), a proposed private placement, and a proposed change of the Company’s name to “Oasis Harvest Corporation Berhad.”

Under the proposed variation to the SSA, Dolphin’s subsidiary, Asia Poly Food and Beverage Sdn Bhd, will not be required to pay the remaining RM9.55 million for the acquisition of High Reserve F&B Sdn Bhd (“High Reserve”). Instead, compensation of RM4.85 million will be received due to High Reserve’s financial underperformance in the fiscal years ending June 30, 2023, and June 30, 2024.

Mr. Ch’ng Eu Vern, Executive Director of Dolphin International Berhad, explained, “The adjustment to the SSA aims to mitigate the financial impact of High Reserve Group’s underperformance and align our financial commitments with strategic goals, ensuring a robust balance sheet.”

Additionally, Dolphin proposes a private placement expected to raise RM2.44 million at an illustrative issue price of RM0.182 per Placement Share. These funds will primarily bolster working capital for the Company’s F&B business and trading segment.

In tandem with its strategic realignment, Dolphin proposes renaming itself “Oasis Harvest Corporation Berhad” to better reflect its updated corporate identity and strategic direction. This rebranding initiative underscores Dolphin’s commitment to enhancing stakeholder engagement and public confidence.

Looking ahead, Dolphin remains optimistic about expanding its foothold in the dynamic F&B sector. Plans include pursuing mergers and acquisitions that complement its existing operations and implementing enhanced customer relationship management systems to bolster customer satisfaction and retention.

UOB KayHian serves as the Principal Adviser for these proposals, with SCS Global Advisory (M) Sdn Bhd appointed as the Independent Adviser to advise non-interested Directors and shareholders regarding the Proposed Variation.

The F&B sector in Malaysia is poised for significant growth, driven by rising tourism and consumer spending, projected to grow by 10.4% in 2023. Dolphin International Berhad is strategically positioned to capitalize on these trends, driving sustainable growth and creating value for shareholders.

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