Home Business Tomypak takes 51% stake in SP Plastic & Packaging

Tomypak takes 51% stake in SP Plastic & Packaging

Tomypak takes 51% stake in SP Plastic & Packaging 1

PETALING JAYA: Tomypak Holdings Bhd is purchasing a 51% stake in SP Plastic & Packaging Sdn Bhd for RM1.17 million.

The group told Bursa Malaysia that it had entered into a conditional sale and purchase agreement with SP Plastic’s shareholders Adrian Goh Sim Han, Charles Goh Sim Yew, and Lim Kok Soon for the acquisition.

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The purchase sum will be satisfied entirely via the transfer of treasury shares. Based on an indicative transfer price of about 53 sen, it will involve the transfer of 2.21 million treasury shares to the vendors.

SP Plastic is engaged in the trading and manufacturing of boxes, cartons, containers and plastic packaging material.

Tomypak said the purchase will enable it to expand its existing packaging capacity and leverage on the existing clientele and business network of SP Plastics in the food and beverage industry to strengthen the footprint in the Malaysian market.

There is a cumulative profit guarantee of not less than RM304,000 for the financial year ending (FYE) June 30, 2020 and RM460,000 for FYE June 30, 2021.

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