KUALA LUMPUR (Aug 26): Globaltec Formation Bhd is set to acquire a 45% stake in Metta Food & Lifestyle Sdn Bhd for RM20 million.

In a statement to Bursa Malaysia on Friday (Aug 26), Globaltec said that together, the parties intend to grow and develop Metta’s food and beverage (F&B) business. 

Metta was founded in 2019 by Andre Shum and Datuk Redzuawan Ismail, better known as Chef Wan.

Metta, an investment holding company, is principally involved in the F&B retail industry, operating banquet-themed restaurants with the branding of De.Wan 1958 by Chef Wan, and cafes under the name of Cafe Chef Wan.

De.Wan 1958 restaurant outlets are premium Malay cuisine restaurants that provide banquet-style dining.

Meanwhile, Cafe Chef Wan outlets offer modern international cuisines and local favourites.

Metta is also involved in the sale and production of fast-moving consumer goods related to its business, such as its own branded sauces, butter and spices.

Globaltec said Metta has plans to expand its De.Wan 1958 and Cafe Chef Wan outlets from the current four to 13 within Malaysia in the next two years.

It said that at present, Metta has already secured tenancies and put into the pipeline the opening of another De.Wan 1958 outlet and four Cafe Chef Wan outlets in strategic locations by early 2023.

Globaltec founder and group executive chairman Tan Sri Goh Tian Chuan said leveraging the reputation and international branding of a celebrity chef like Chef Wan and the F&B outlets nationwide (and regionally in the future) — with access to the masses, particularly the affluent retail market — and also the ability of De.Wan 1958 banquet-themed restaurants to hold large-scale events/functions for corporates or private bodies, Globaltec will be able to enhance its profile and recognition which, in turn, may benefit its existing businesses.

Meanwhile, Chef Wan said the collaboration will allow him to realise his culinary ideas further and enable a greater reach for everyone to share them.

Metta chief executive officer Shum, on the other hand, said Globaltec's sound financial position and corporate finance expertise will be able to fuel Chef Wan restaurants’ next phase of expansion in Malaysia, with potential international expansion.

Trading of the shares in Globaltec was halted from 9am to 10am on Friday.