Loss-making Pan Malaysia Corp Bhd(PMC) has announced its decision to exit from the chocolate business, by selling its 15.15% stake in Indulgence World Sdn Bhd to Wah Kong Corp Sdn Bhd for RM8 million (US$2 million). It will also be disposing all related trade marks for its chocolate brands Crispy and Tango, which were currently manufactured and distributed by Network Foods Industries Sdn Bhd, a subsidiary of Indulgence World.
PMC expects to raise RM15 million (US$3.71 million) from the above divestments which will be channelled to its working capital and future investments.
Wah Kong Corp (WKC) currently owns 68.52% of Indulgence World which made a pre-tax profit of RM6.3 million (US$1.56 million) in 2025. The acquisition of the PMC stake will make WKC a controlling shareholder (83.67%) of Indulgence World.
One of WKC directors is also the CEO of Creador-backed PetWorld, a leading producer and distributor of pet food/care products in Malaysia.
