Apollo Food Holdings, a Malaysia-based chocolate and cake maker, has been bought by Scoop Capital, the local master franchisee for US ice cream chain Baskin-Robbins.

Scoop has bought a controlling 51.3% stake in Apollo from local investor Keynote Capital for Rm238.1m ($50.8m).

The deal was confirmed yesterday (18 December) in a filing by Apollo with the local stock exchange, Bursa Malaysia. The filing also said Scoop is obliged to extend an unconditional mandatory takeover offer to acquire all the remaining near 49% stake in the group at RM5.80 per share.

Scoop intends to maintain the listing status of Apollo on Bursa Malaysia, attained some 23 years ago.

Apollo makes chocolate confectionery products and layer cakes under its own Apollo brand for both the local and overseas markets.

Its vendor, Keynote Capital, is the investment vehicle of Singaporeans Liang Chiang Heng and his younger brother Liang Kim Poh.

Local media outlets have previously suggested the pair wanted to dispose of their stake in Apollo.

Chiang Heng served as Apollo’s executive chairman while Kim Poh was the group's managing director.

Chiang Heng has been with Apollo since 1979 while Kim Poh joined the group’s board in 1998.

Scoop Capital is 90%-owned by Datuk Cheah See Yeong, while the remaining 10% is held by his wife Datin Soon Gock Lan. They own a 100% stake in Golden Scoop, which is the master franchisee for ice cream chain Baskin-Robbins in Malaysia and Singapore.

Apollo’s net profit rose 5.15%, year-on-year to Rm9.95m for the second quarter ended 31 October. Quarterly revenue was down 6.13% to Rm65.99m.