KUALA LUMPUR, April 14 (Bernama) -- CCK Consolidated Holdings Bhd's wholly-owned subsidiary, PT Adilmart, is acquiring the entire stake in Indonesian firm, PT Bonanza Pratama Abadi, for US$8 million (RM33.74 million) cash.
For this purpose, Adilmart has inked a share sale agreement with vendors, Mitsumoto Corporation Ltd, Seven Star Enterprise Sdn Bhd, Harvest Bonanza Sdn Bhd, and Miradewi Rosadi.
In a filing to Bursa Malaysia today, CCK said the acquisition will be funded through internally generated funds and/or bank borrowings.
Bonanza Pratama is involved in processing and freezing of shrimp for local and export markets with over 20 years of experience.
"Hence, the acquisition will be synergistic with CCK's existing seafood business as well as the poultry processing and manufacturing of downstream products such as sausages, patties and meatballs," it said.
Upon completion of the exercise, Bonanza Pratama will become a wholly-owned subsidiary of CCK.
-- BERNAMA
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