MUDA HOLDINGS TO ACQUIRE 60 PER CENT STAKE IN QT FOR RM15 MLN
KUALA LUMPUR, Aug 12 -- Muda Holdings Bhd's wholly-owned subsidiary, Federal Packages Sdn Bhd, has entered into a share sale and purchase agreement to acquire 60 per cent equity interest in Quantum Total Packages Sdn Bhd (QT) for RM15 million.
QT is principally involved in the manufacture and sale of corrugated cartons and boards.
In a filing with Bursa Malaysia, Muda Holdings said the acquisition comprised 900,000 ordinary shares from two businessmen, namely Lee Joo Keat and Yu Shan Nee.
It said the acquisition would facilitate the company’s aspiration to further expand its corrugated carton industry and to increase consumption of its industrial grade paper.
“The purchase consideration acquisition was arrived at on a willing-buyer willing-seller basis and based on the audited net asset of QT of RM12.6 million as at Dec 31, 2019 and projected five years profit of QT of RM15 million,” it said.
Muda Holdings said post-acquisition, both businessmen would remain as shareholders with an aggregate of 600,000 ordinary shares in QT, representing 40 per cent of the issued and paid up share capital of QT.
It added that save for the risk associated with the business of the manufacture and sale of corrugated cartons and boards, the company does not foresee any other exceptional risks in connection with the acquisition.
-- BERNAMA
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