CCK inks conditional deal for US$8mil acquisition of shrimp distributor


KUALA LUMPUR: CCK Consolidated Bhd's unit PT Adilmart has entered into a conditional share sale agreement with the shareholders of PT Bonanza Pratama Abadi for the acquisition of its entire equity interest for US$8mil (RM33.85mil).

The vendors are Mitsumoto Corp Ltd, Seven Star Enterprise Sdn Bhd, Harvest Bonanza Sdn Bhd and Miradewi Rosadi.

In a bourse filing, CCK said Indonesia-based PT Bonanza was principally engaged in processing and freezing shrimp for local and export sales.

"The Proposed Acquisition will be synergistic to CCK’s existing seafood business as well as the business of poultry processing and manufacturing of downstream products such as sausages, patties and meatballs, and as such is expected to complement the CCK Group’s existing activities.

"The Proposed Acquisition will provide an opportunity for CCK to establish business integration with PT Bonanza leading to improved operational efficiencies and reduced production costs through its value chain," said CCK.

Meanwhile, due to the interest of the interested directors in both CCK and PT Bonanza, the proposed acquisition would also be able to mitigate potential conflict of interest, which would in turn safeguard the interests of minority shareholders.

It added that it expects the acquisition to be earnings accretive given the established busines and positive historical financial performance on PT Bonanza.

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