PETALING JAYA: Scientex Bhd
is proposing to acquire a 70% stake in China-based Hunan Changcheng Mint New Material Technology Co Ltd (Mintpack) from Tan Cui Fang and Hunan Changcheng Tianyi Information Technology Co Ltd for RM101.5mil.
Mintpack is principally engaged in manufacturing of flexible plastic packaging, specializing in high-quality flexible plastic bags and roll films.
In a filing with Bursa Malaysia, Scientex said the proposed acquisition will expand Scientex Group’s consumer packaging footprint into China.
“It provides Scientex Group with an established local manufacturing platform and customer base in China that complement the group’s existing consumer packaging business.
“Leveraging Mintpack’s existing business, market presence and capabilities, the proposed acquisition allows Scientex Group to strengthen its business in China, develop a new multinational customer base and expand its reach to new export markets.” Upon completion, the proposed acquisition allows the consolidation of Mintpack’s operation and earnings within Scientex Group, the company added.
