SCGM gets shareholders nod to sell LSSPI stake at RM544.38mil

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

KUALA LUMPUR: SCGM Bhd (SCGM) has received the green light from its shareholders for the disposal of its entire stake in Lee Soon Seng Plastic Industries Sdn Bhd (LSSPI) to Mitsui & Co Ltd and FP Corporation (FPCO) for RM544.38 million.

In a statement today, SCGM said Mitsui is acquiring a 60 per cent equity interest, equivalent to 63.88 million LSSPI shares for RM326.63 million, while FPCO will acquire the remaining 40 per cent equity interest, representing 42.59 million LSSPI shares for a total cash consideration of RM217.75 million.