Dymon invests $15m in Malaysia bottled water company

The investment includes the purchase of about 27.4 million shares at MYR2.33 apiece. Spritzer stock spiked almost 9% prior to the announcement of the placement and was trading at MYR2.19 as of mid-morning on September 27.

According to a filing, the capital will be used to support the construction of an automated warehouse within three years. The single-story facility is set to occupy about 106,000 square feet adjacent to the company’s existing operations in northern Malaysia. 

Founded in 1989, Spritzer manufactures and distributes bottled water products, including natural mineral water, carbonated flavored water, distilled water and non-carbonated flavored water. As of the end of 2016, the company had almost 900 employees and claimed to be the largest and most integrated bottled water producer in Malaysia with an estimated market share of about 40%.

Revenue improved about 14% during the 2016 financial year to MYR288.2 million, while profit increased 25% to MYR28.4 million. The performance was attributed to strong trading in Malaysia offsetting a decline in Chinese business. Chinese operations are not projected to generate positive results in financial 2017.

Dymon was founded in 2008 as a macro hedge fund with $100 million in capital. It raised a S$300 million ($221 million) Southeast Asia-focused private equity fund in 2014. Recent activity includes participation in a consortium that acquired Singapore-listed catering company Select Group for S$36 million.  

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• Topics
• Southeast Asia
• Consumer
• PIPEs
• Expansion
• Myanmar
• Malaysia
• manufacturing
• Growth capital