Malaysian confectionery firm Cocoaland Holdings has rejected a takeover bid from investment firm Navis Asia Fund.

In a stock exchange filing, Cocoaland said its directors had studied the proposed MYR377.52m (US$104.47m) offer and "unanimously rejected the offer".

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Navis has a number of food-based interests including Golden Foods Siam in Thailand and Vietnamese seafood processor Godaco Seafood.

Cocoaland's shares resume trading this morning (26 May).

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