PETALING JAYA: MCE Holdings Bhd
is acquiring a 50% equity interest in FP Project Enterprise Sdn Bhd for RM1.9mil to strengthen its upstream capabilities and supply chain integration.
In a filing with Bursa Malaysia, MCE said its indirect 50%-owned subsidiary, Eagle MCE Technologies (Malaysia) Sdn Bhd, had entered into a share sale agreement with Lim Wei Huat to acquire 250,000 shares, or 50% in FP Project.
Upon completion, FP Project will become an indirect 50%-owned subsidiary, with MCE set to raise its stake to 80% following a proposed share allotment under a shareholders’ agreement with existing director, Lim See Chiang.
FP Project, a key supplier to the MCE group, is principally engaged in plastic injection and tooling fabrication.
