Singapore-listed Thai Beverage announced today (15 May) it has signed a memorandum of understanding to acquire a 43.9% stake in Oishi Group for US93.8m.

Thai Beverage, in a filing with the Singapore Exchange, said it entered the MOU with Yodkij Business Co., yesterday.

Thai Beverage said the acquisition, if completed, will be in line with its intention to broaden its core business and to enhance the contribution from its non-alcoholic business.

The deal is conditional upon entering a definitive agreement by 30 September, as well as approval from shareholders for the acquisition and the disposal of Thai Beverage's wholly-owned subsidiary Thai Alcohol for $49m.

Oishi Group operates Japanese restaurants and manufactures and distributes "semi-finished food, finished food, bread, ramen and beverages," according to the filing.

Thai Beverage entered a memorandum of understanding with Damrongfah on Wednesday to sell Thai Alcohol in an effort to dispose businesses unlikely to make significant contributions in the long run and to focus on core competencies. The sale will also help pay for the Oishi stake.