Food Innovators (SGX:KYB) unit Food Innovators Japan has agreed to acquire the entire issued share capital of Malaysia-based Daruma Syokudo for 70 million yen, according to a Wednesday filing.

Daruma Syokudo operates Kanbe-branded restaurants in Malaysia, and Food Innovators currently shares profits from the business with the target on a 50:50 basis.

Upon completion, the group will gain full ownership and operational control and receive 100% of the profits.

The consideration will be funded from Food Innovators Japan's internal resources, it said.