My Foodie Box strategic business divestment

My Foodie Box (ASX:MBX) has successfully completed the divestment of its meal kit business to MFB (WA) Pty Ltd. This strategic transaction was finalized on 10 May 2024. It aims at restoring and enhancing shareholder value. The company is now concentrating on acquisition opportunities to further its corporate objectives.

My Foodie Box quarterly report insights

My Foodie Box (ASX:MBX) released its quarterly activity report for the period ending 30 June 2024. The company has strategically divested its meal kit business to MFB (WA) Pty Ltd, aiming to enhance shareholder value. Following the divestment, MBX is actively seeking new acquisition opportunities. Financially, the company reported a net cash outflow of $46,000 from operating activities, with a negative cash balance, signifying a need for additional funding. MBX secured loan facilities totaling $611,000 to support its operations and re-compliance transactions. Looking ahead, MBX is focused on minimizing cash burn while exploring acquisitions to restore shareholder value, supported by secured funding strategies.

Executive insights on business strategy

My Foodie Box is operating with minimal cash burn and is actively focusing on acquiring new assets or businesses to enhance shareholder value and address outstanding reports.