Scientex unit to buy stakes in 2 firms

  • Business
  • Thursday, 03 Apr 2003

SCIENTEX Inc Bhd (SIB) announced two proposed acquisitions through its subsidiary in Japan, Scientex Polymer (Japan) Co Ltd, to allow the group entry into the global automotive market. 

The two acquisitions are 50% of the issued and paid up share capital of Yamatex (M) Sdn Bhd for RM2.72mil and 60% in capital of Yamato Polymer (Vietnam) Co Ltd (Yamato Polymer) for RM3.53mil. 

These acquisitions will be made through Yamato Chemical Industry Co Ltd, Japan (Yamato Chemical). 

The proposed acquisitions by Scientex Polymer Japan will be sourced from its own internally generated funds. 

They will benefit SIB's polymer division's business and further expand its range of automotive products to include carpet mats. 

It will also establish a manufacturing and marketing base in Japan to supply competitive carpet mats and other automotive polymer products for Japanese customers. 

Scientex Polymer Japan is principally involved in the manufacturing and marketing of tufted carpet mats for motor vehicles, mainly for the Japanese original equipment manufacturers (OEMs) and is also engaged in the research and development of polymer automotive interior materials for the Japanese automotive industry. 

SIB's wholly-owned subsidiary Bestex Corp Sdn Bhd currently has a 30% interest in the share capital of Yamatex. 

Upon completion of the proposed acquisition by Scientex Polymer Japan, SIB's effective equity interest in Yamatex will increase from existing 30% to 51.5%. 

Yamatex is involved in the manufacturing and trading of automotive tufted carpet mats for supply to Japanese car manufacturers as well as to the domestic and Singapore market. 

Upon completion of the proposed acquisition by Scientex Polymer Japan, SIB's effective equity interest in Yamato Polymer will increase to 41.2%. 

Yamato Polymer is manufacturing and trading automotive tufted mats for export wholly to the Japanese OEMs. – Bernama 

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