KUALA LUMPUR: Tokyo-listed film packaging materials maker Taisei Lamick Co Ltd (TLC) will emerge as the new majority shareholder of Malaysia Packaging Industry Bhd (Maypak) and will have to undertake a mandatory general offer (MGO) for the remaining shares it does not own.
In a filing with Bursa Malaysia, the packaging specialist said container manufacturer Toyo Seikan Co Ltd had signed a conditional agreement to sell its 54.95% equity interest in Maypak to TLC for RM3.835mil, or 16.6 sen per RM1 share.
Maypak, which incurred annual losses for the past three financial years, was suspended at 45 sen on Thursday. Based on Bloomberg data, its closing share price has not dipped below 25 sen since January 2012.
The proposed acquisition is conditional on the approval by the board of both TLC and Toyo Seikan.
RHB Investment Bank, which gave the proposed acquisition notice on TLC’s behalf, said that TLC was headquartered in Shiraoka, Japan, and the group was mainly involved in the manufacture and sale of film packaging materials used for packing food products, cleaning detergents and other consumer goods.
The bank added that the proposed deal was part of TLC’s global strategy to expand its geographical presence and further strengthen its position in the plastic film packaging materials industry.
The acquisition and MGO proposals are expected to be completed by the end of this year.
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