KUALA LUMPUR (Sept 26): Texchem Resources Bhd plans to dispose of its entire 49% stake in Yoshinoya Hanamaru Malaysia Sdn Bhd (YHM), which operates the Yoshinoya Hanamaru Japanese casual fast food restaurants here, to Asia Yoshinoya International Sdn Bhd for RM5.29 million cash.

In a filing with the exchange today, Texchem said the disposal, through its wholly-owned subsidiary Texchem Restaurant Systems Sdn Bhd, will enable the group to unlock the value of its investment as the anticipated returns from the investment into Yoshinoya has not met the group's expectations.

Subsequent to the disposal, YHM will cease to be an associate company of Texchem.

As at Dec 31, 2017, Texchem's restaurant division operated 22 Yoshinoya Hanamaru restaurants in Malaysia.

This would not be the first restaurant venture that Texchem is exiting. Last year, the group had ceased operations of its two Tim Ho Wan restaurants in Malaysia.

The other restaurants that Texchem operates in Malaysia include Sushi King, Miraku, Goku Raku Ramen, Nabe King, Doutor Coffee and Hoshino Coffee.

In July, the group had announced the resignation of its deputy chairman Datuk Brian Tan Guan Hooi, effective Oct 17.

Tan has been with the Texchem group for 25 years, and was also the president and chief executive officer of its food division.

Texchem shares closed unchanged at 80 sen today, for a market capitalisation of RM97 million.