SCGM sells core ops for RM544mil cash

A worker attending the production machine at SCGM plant in Kulaijaya, Jojhor.

KUALA LUMPUR: Food packaging manufacturer SCGM Bhd has entered into a conditional share sale agreement (SSA) with Mitsui & Co Ltd and FP Corp (FPCO) to dispose of its 100% stake in Lee Soon Seng Plastic Industries (LSSPI) for RM544.38mil cash.

In a filing with Bursa Malaysia, SCGM said LSSPI is its sole subsidiary and represented the entire core business of the group.