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Highlight A merger for Tecnic and SKP Resources?

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Highlight A merger for Tecnic and SKP Resources? Empty Highlight A merger for Tecnic and SKP Resources?

Post by Cals Mon 29 Sep 2014, 22:20

Highlight A merger for Tecnic and SKP Resources?
Business & Markets 2014
Written by Kamarul Anwar and Jeffrey Tan, theedgemalaysia.com   
Monday, 29 September 2014 18:08

KUALA LUMPUR (Sept 29): The securities of both Tecnic Group Bhd and SKP Resources Bhd have been suspended near to market close today, pending material announcements, both companies told Bursa Malaysia in the evening.

According to market sources, both plastic industry players will announce joint corporate exercises, possibly a merger, tomorrow.

Both Tecnic and SKP Resources are controlled by Datuk Gan Kim Huat. He controls 68.67% of Tecnic and 66.96% of SKP Resources, according to the companies’ latest shareholding filings.

Tecnic manufactures plastics parts for industries such as automotive, electrical and electronics, industrial packaging and consumer packaging.

SKP Resources, which is a bigger entity, is also in a similar business, making plastic parts and components, as well as sub-assembly of electronic and electrical equipments.

Tecnic rose 31 sen to RM5.08 today, giving it a market capitalisation of RM200 million, while SKP Resources climbed 10.5 sen to close at 71 sen, with a market capitalisation of RM625.5 million.

Tecnic reported a net profit of RM10.35 million in the first half ended June 30, 2014, on revenue of RM148.7 million. As for SKP, it posted a net profit of RM9.65 million for the first financial quarter ended June 30, on revenue of RM131.74 million.
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