James Go buys URC shares after Gokongwei food firm gobbles up Malaysia’s No. 1 biscuit brand
Food

James Go buys URC shares after Gokongwei food firm gobbles up Malaysia’s No. 1 biscuit brand

Bilyonaryo James Go acquired P2.6 million shares in Universal Robina Corp. (URC) a week after buying Munchy Food of Malaysia.

Go, who only had a token share in URC, bought 20,000 shares of URC at P130 per share on December 3.

URC announced its P22.86 billion purchase of Munchy and its subsidiary Munchworld Marketing on November 26.

The 30-year old firm is Malaysia’s leading biscuit maker with brands such as Munchy’s Cream Crackers, LEXUS Cream Sandwich, Oat Krunch, Muzic Wafer, and Choc-O cookies sold in more than 50 countries.

URC bought Munchy, which had a net income of $14 million in 2020, just five months after divesting from New Zealand snack giant Griffin’s Foods and Snack Brands Australia.

URC expects to book a gain of $250 million from the sale of its Oceania business which it bought for $930 million.

 

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