KUALA LUMPUR, Feb 19 — Nestle (M) Bhd (Nestle Malaysia) has initiated a process to explore the potential sale of its ice cream business to Froneri after its ultimate holding company, Nestle SA, entered into advanced negotiations to sell the remainder of its global ice cream business to the latter.
In a filing with Bursa Malaysia today, the company said the process will involve thorough due diligence, comprehensive engagement with relevant local stakeholders and strict adherence to all applicable legal, regulatory, and governance requirements.
Froneri is a joint venture (JV) established 10 years ago between Swiss food giant Nestle and private equity investor PAI Partners. Under this JV, all Nestle European ice cream businesses and several selected ice cream operations in other regions were included.
Nestle Malaysia said the company’s ice cream segment was not part of this original scope.
It added that further announcement on any material developments will be made in due course.
At 5pm, Nestle shares gained 20 sen to RM109.50, with 48,600 shares traded. — Bernama
