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scientex buys plastic packaging firm for rm190mil

by:Taian Lamination Film     2020-09-21
Kuala Lumpur: Scientex Bhd is in the process of purchasing a flexible plastic packaging manufacturer at a factory in Selangor Basheng in rmymmil cash as the group seeks to expand its portfolio in the packaging industry
The company today submitted a document to Bursa, Malaysia, saying that it has signed a sales agreement with legal Wanhong and several other individuals to acquire the full equity of Basheng Hock plastic industry Sdn Bhd (KHPI).
The trading of Scientex shares was suspended today to make way for the announcement.
The last trading of the stock was at rm8. 67 on Thursday.
\"The proposed acquisition will enable Scientex to further expand and enhance its flexible plastic packaging products for the FMCG and food and beverage industries, industrial and agricultural products including agricultural film products and flexible film manufacturing, the company said at a regulatory meeting today.
Scientex covers two business areas, namely, flexible plastic packaging manufacturing and real estate development.
\"After the completion of the proposed acquisition, the expanded Scientex group is expected to benefit from increased capacity in the manufacturing industry of flexible plastic packaging products and a larger local and global customer base, it said.
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