KUALA LUMPUR: Kumpulan Perangsang Selangor Bhd, through wholly-owned Perangsang Dinamik Sdn Bhd, is acquiring a 100 per cent stake in Toyoplas Manufacturing (Malaysia) Sdn Bhd for RM311.25 million cash.
In a filing to Bursa Malaysia today, Perangsang Selangor said it was buying the stake from Toyoplas Consolidated Ltd, Lim Lai An and Lim Hui Bian.
On completion of the deal, the company said the enlarged Toyoplas group would continue to be principally involved in the business of plastic injection moulding.
Toyoplas has an integrated capability from mould fabrication to precision injection moulding and assembly, with operations located across seven locations in China, Malaysia and Indonesia.
Perangsang Selangor said Toyoplas group had made a combined net profit of US$8.66 million (RM36.2 million) in the year ended December 31, 2018.
It said said Toyoplas' consistent past financial performance was expected to generate sustainable return.
“As the manufacturing sector is one of Perangsang Selangor’s core investment sectors, the board believes that the proposed acquisition presents an opportunity to expand its manufacturing sector specifically in plastic injection moulding,” it said.