Yoong Onn acquires 60% stake in Singapore linen company for RM38mil

PETALING JAYA: Yoong Onn Corp Bhd (YOCB) is acquiring a 60% equity interest in Singapore-based home linen and homeware distribution firm, T.C. Homeplus, for RM38.16mil.

In a filing with Bursa Malaysia, YOCB said it had entered into a conditional share sale agreement with T.C. Homeplus’ shareholders, Wong Fun Ngian, Wong Fun Foong, Ang Teng Poh and Lim Ting Han for the acquisition.

“The proposed acquisition will enable the group to extend its range of products and services and potential synergies by leveraging on each other’s existing customer base in Singapore,” it said.