The Board of Directors of Hua-An wishes to inform the
shareholders that in line with the Group’s focus of growth on technology, its Techna-X
division has begun the transformation of its Food and Beverage brand “Teh Tarik Place”
(“TTP”) into a technology driven Food and Beverage operations.
Hua-An will invest up to RM30 million from the proceeds raised progressively via its
Redeemable Convertible Note program as well as internally generated funds, to expand TTP
in Malaysia and the Asia Pacific region. This shall include TTP’s plan to establish 100
outlets, via a combination of proprietary outlets as well as franchising, within the
next 36 months as well as funding its maiden cooperatively-owned TTP outlet in China by
the end of next financial year.
In this respect, the Board had, vide its meeting on 22 June 2020, deliberated and
reaffirmed the investment of RM30 million over a period of 36 months as stipulated in
the Circular to Shareholders dated 21 August 2019 and accordingly approved in the
Extraordinary General Meeting on 5 September 2019, to realise the abovementioned agenda.
This strategic business direction of TTP is expected to be earnings accretive and
contribute positively towards the Group’s bottom line in the near future.
This announcement is dated 29 June 2020.
