Scientex to acquire 70pct interest in China's Mintpack for RM102mil
KUALA LUMPUR: Scientex Bhd, through its wholly-owned subsidiary Scientex Packaging (Ayer Keroh) Bhd (SPAK), has entered into a sale and purchase agreement to acquire a 70 per cent stake in China-based Hunan Changcheng Mint New Material Technology Co., Ltd. ("Mintpack").
KUALA LUMPUR: Scientex Bhd has acquired a 70% stake in China-based Mintpack for RM101.5 million, according to a filing with Bursa Malaysia. The acquisition, signed with Tan Cui Fang and Hunan Changcheng Tianyi Information Technology Co., Ltd., will make Mintpack an indirect subsidiary of Scientex. Mintpack, founded by Tan in 2015, manufactures high-quality flexible plastic packaging in China's Xiangtan Economic and Technological Development Zone.
The deal provides Scientex with a local manufacturing platform and customer base in China, expanding its consumer packaging footprint and new export markets. The purchase consideration of RMB167.3 million takes into account Mintpack's historical financial performance, future growth prospects, and audited net assets. Scientex will finance the acquisition through its own funds and bank borrowings, with the transaction expected to be completed by the end of 2026.
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