Century Bond turns Prestige Packages into wholly-owned subsidiary

THE PRODUCTION OF CEMENT PAPER BAGS AT THE CENTURY BOND BHD PLANT IN SENAI INDSUTRIAL ESTATE IN JOHOR.

KUALA LUMPUR: Century Bond Bhd, through unit CB Bags Sdn Bhd, is buying the remaining 30% equity interest it does not own in cement paper bag manufacturer Prestige Packages (Perlis) Sdn Bhd (PPPSB) for RM2.892mil.

The company, which makes paper and plastic packaging products, told Bursa Malaysia that the share purchase from Cement Industries of Malaysia Bhd would result in PPPSB becoming the group’s wholly-owned subsidiary and enable it to gain full control of PPPSB and its direction.

The purchase consideration would be sourced from Century Bond’s internal funds, it said. 

In its annual report submitted in August last year, Century Bond said: “The group’s core attention and focus will be maintained in the paper packaging division which is the key driver of growth.”

Paper packaging contributed RM7.45mil to the group’s pre-tax profit of RM10.16mil for the half-year ended Sept 30, 2015.

Century Bond shares gained 2 sen to close at RM1.54 on Thursday.