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Hot Stock Scientex rises more than 4% on buying over smaller rival
by Cals Thu 06 Aug 2015, 20:17
Hot Stock
Scientex rises more than 4% on buying over smaller rival
KUALA LUMPUR (Aug 6): Shares of Scientex Bhd rose more than 4% in early trade today after the company said it was buying over a smaller rival yesterday.
At 9.30am, Scientex rose 4.11% or 30 sen to RM7.60 with 240,700 shares traded.
Packaging manufacturer and leading property developer, Scientex Bhd, is acquiring smaller rival Mondi Ipoh Sdn Bhd (MISB) for RM58 million cash to expand its consumer packaging division.
In a filing with Bursa Malaysia today, Scientex said its wholly-owned subsidiary, Scientex Packaging Film Sdn Bhd, had signed a share purchase agreement with Germany's Mondi Consumer Packaging International GmbH to acquire 21.05 million shares or a 100% stake in MISB.
Scientex said the proposed acquisition of MISB will be funded via internal funds.
“The acquisition of MISB will allow the enlarged Scientex Group ([You must be registered and logged in to see this image.] Financial Dashboard) to expand our clientele to include leading international brands in the food and beverage and fast moving consumer goods sectors," Scientex' managing director Lim Peng Jin said in a statement.
Scientex rises more than 4% on buying over smaller rival
KUALA LUMPUR (Aug 6): Shares of Scientex Bhd rose more than 4% in early trade today after the company said it was buying over a smaller rival yesterday.
At 9.30am, Scientex rose 4.11% or 30 sen to RM7.60 with 240,700 shares traded.
Packaging manufacturer and leading property developer, Scientex Bhd, is acquiring smaller rival Mondi Ipoh Sdn Bhd (MISB) for RM58 million cash to expand its consumer packaging division.
In a filing with Bursa Malaysia today, Scientex said its wholly-owned subsidiary, Scientex Packaging Film Sdn Bhd, had signed a share purchase agreement with Germany's Mondi Consumer Packaging International GmbH to acquire 21.05 million shares or a 100% stake in MISB.
Scientex said the proposed acquisition of MISB will be funded via internal funds.
“The acquisition of MISB will allow the enlarged Scientex Group ([You must be registered and logged in to see this image.] Financial Dashboard) to expand our clientele to include leading international brands in the food and beverage and fast moving consumer goods sectors," Scientex' managing director Lim Peng Jin said in a statement.
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