A Fresh Recipe for Success: Chef Wan’s Restaurant Backer In RM30.8m Deal

The deal involves acquiring Metta Food & Lifestyle, which holds 80% stakes in five subsidiaries, including De Wan 1958 (M) Sdn Bhd and Mountness Sdn Bhd which operate the De.Wan 1958 and Cafe Chef Wan restaurants respectively.

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Oasis Harvest Corporation, a food and beverage company listed on Bursa Malaysia, is making a big move in the restaurant world.

They’re planning to buy over Metta Food & Lifestyle, which holds an 80% stake in the companies operating De.Wan 1958 by Chef Wan and Cafe Chef Wan restaurants, for RM30.8 million.

The remaining 20% stake in these operating companies is owned by Chef Wan, whose real name is Datuk Redzuawan Ismail, through his company Redzuawan Ismail Holdings Sdn Bhd.

The deal has an interesting twist because one of the key players, Datuk Seri Tan Ooi Han, wears multiple hats in this story.

He’s not just a big shareholder and executive director at Oasis Harvest – he’s also involved with Metta as a shareholder, director, and one of the sellers.

Details of the proposed acquisition have been filed with Bursa Malaysia, which revealed that consulting firm SCS Global Advisory has been brought in to ensure everything is fair and transparent for everyone involved, given the connected nature of the transaction.

Oasis Harvest bercadang utk ambil alih 100% ekuiti Metta Food (pengendali jenama De.Wan 1958 dan Cafe Chef Wan) dengan nilai RM30.8 juta sebagai usaha strategik memperluaskan empayar F&B dan hospitaliti

Chef Wan kekal sebagai ikon utama jenama 👍 pic.twitter.com/gOyAnwicKR
— StratCommX (@StratCommX) June 5, 2025

Show Me The Money: Profit Promises and Payment Plans

The sellers seem pretty confident about how well these restaurants will do.

They’re so sure that they’ve promised the restaurants will make at least RM5.6 million in profit over the next two years (until June 2026).

As for how they’re paying for all this, Oasis Harvest has it planned out.

RM6 million will come from selling some property they own, and they’ll borrow the remaining RM24.8 million from banks.

Strategic Growth: Adding Star Power to the Restaurant Portfolio

Ch’ng Eu Vern, who’s an Executive Director at Oasis Harvest, explains that this purchase makes a lot of sense for them.

This acquisition perfectly aligns with our strategic vision to diversify and strengthen our offerings in the F&B, travel, leisure, and hospitality sectors. Chef Wan’s prominent brands will significantly complement and expand our existing portfolio

They already own other restaurant chains, such as Uncle Don’s and Verona Trattoria, and adding these Chef Wan restaurants will help them expand further in the food, travel, and hospitality industries.

Once everything’s finalised, Oasis Harvest plans to find ways to run all its restaurants more efficiently together.

It’s like adding new members to their restaurant family, but making sure everyone works well together.

Proof in the Pudding: Growth and Success

While some social media comments have questioned why Chef Wan doesn’t fully own his De.Wan 1958 and Cafe Chef Wan restaurants, the current 20% ownership structure through his holding company, is a common business model in the F&B industry, especially for celebrity chef-branded establishments.

The misconception that celebrity chefs should be sole proprietors overlooks the complex reality of running a restaurant chain, where substantial capital investment and business expertise are crucial for success and expansion.

The current partnership model has proven effective, with the brand expanding to eight outlets across the Klang Valley and Melaka, while maintaining its quality standards and brand value.

The proposed RM30.8 million acquisition deal by Oasis Harvest, which is still pending finalisation, would further validate the effectiveness of this business model, suggesting that having professional investors and operators handle the business side is beneficial.

At the same time, the celebrity chef’s focus on culinary excellence and brand development can be a winning formula in the competitive food and beverage (F&B) sector.

Chef Wan Sets the Record Straight on Business Structure

As Chef Wan clarified in his social media post, he maintains his 20% equity in the business through Metta (the investment company that owns 80% of the group of companies), and continues to manage the recipes, kitchen and chefs.

At the same time, his business partner handles overall management.

Beyond the equity stake, Chef Wan also receives 5% of the gross monthly revenue for living expenses—a business structure he chose after consulting with corporate lawyers and successful corporate friends to leverage his global brand and recipes, which he has built over 37 years in the industry.

He strongly criticised those spreading misinformation and calling for boycotts based on racial issues regarding Chinese investors, warning that such defamatory statements could lead to legal consequences.

As he pointed out, many businesses in Malaysia operate through multi-racial partnerships, and he urged critics to “do their homework” before making unfounded accusations.