Asahis deal to acquire Permanis is expected to complete in November

Asahi's deal to acquire Permanis is expected to complete in November

Asahi Group Holdings has continued its moves outside of Japan, by lining up the purchase of Malaysian soft drinks firm Permanis from CI Holdings.

The deal, worth US$274m, was announced in a filing with the Singapore Stock Exchange today (21 July). Through the acquisition, Asahi said it "hopes to establish a base in the Malaysian soft-drink market and use this as a platform for mid-to-long-term expansion into Southeast Asia".

CI Holdings had dismissed a previous offer price made by Asahi for Permanis, claiming it was too low.

Asahi said it aims to increase its sales to between MYR2trn (US$25.4bn) and MYR2.5trn, with 20% to 30% of that from outside Japan.

Permanis is Malaysia's second largest soft drinks maker and has the exclusive rights to bottle, market and sell PepsiCo brands including Pepsi, 7Up, Gatorade and Tropicana, as the only franchisee in Malaysia. It has two facilities in the country.

The deal is expected to complete in November and is subject to Government and shareholder approval.

Earlier this month, Asahi announced plans to acquire Australian mineral water and juice maker P&N Beverages Australia as well as New Zealand soft drink maker Charlie's Group through a takeover offer.