KUALA LUMPUR: Muhibbah Engineering (M) Bhd
(MEB) has acquired 12.52 million Master-Pack Group Bhd (MPGB) shares for RM54.65mil cash at an average price of RM4.36 per share.
In a filing with Bursa Malaysia, MEB said its wholly owned subsidiary, ITS Konsortium Sdn Bhd acquired the shares from the open market between March 25 and 26, 2025.
MEB and ITSK (MEB Group) had acquired a total of 4.41 million MPGB shares for RM7.6mil cash during the financial year 2022.
With these acquisitions, MEB Group now holds 16.93 million MPGB shares, representing a 31.0% equity stake at an average price of RM3.68 per share, making MPGB an associate company of MEB Group.
MPGB produces corrugated cartons and wooden packaging for various industries, operating in Malaysia and Vietnam for over 30 years. It has been profitable over the years with net positive cash positions based on its latest audited financial year ended Dec 31, 2023.
MEB said the acquisitions were funded through internal funds with no liabilities assumed.
“The board believes the acquisitions will widen the earning base of MEB Group and provide the group with additional stream of recurring income through equity accounting of MPSB financial results and dividend income from MPSB,” MEB said.
