Hengan International Acquires Malaysian Paper Product Processors for RMB 150 Million
Hengan International announced that after the trading period on June 5, Hengan Malaysia, an indirect wholly-owned subsidiary, acquired a total of 80 million shares of the Imperial City Group. The sale of shares is approximately 50.45% of the equity interest in Imperial City, and the acquisition consideration is MYR91.2 million, equivalent to RMB145 million.
Imperial City is a company listed on the main board of the Malaysian Stock Exchange and is engaged in the processing of paper products and the manufacture of decomposable fibre products.
According to Malaysian regulations, Hengan Malaysia is required to submit an unconditional mandatory offer to purchase RM1.44 per share of common stock owned by the Imperial City, which is not owned by Hengan Malaysia. According to the offer, Hengan Malaysia has to pay 89.08 million MYR, which is equivalent to 144 million RMB. The Group intends to maintain the listing of the Royal City Malaysia Stock Exchange.
Source: Economic Link
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