KUALA LUMPUR: Mega First Corp Bhd's subsidiary, Mega First Agrotech Sdn Bhd has entered into a share subscription agreement with CSC Agriculture Holdings Sdn Bhd to acquire 13.55 million shares or 64 per cent stake in the company for RM25 million.
Upon completion of the subscription, CSC Agriculture and its subsidiaries, CSC Group will become indirect subsidiaries of Mega First.
CSC Group is primarily involved in plantation and wholesale of fruits and vegetables.
Mega First share price closed unchanged at RM4.84 yesterday with a market capitalisation of 4.78 billion.
For the financial year ended Dec 31, 2023, the company posted a lower net profit of RM383.71 million versus RM396.8 million in the previous year dragged down by losses in joint ventures and associations, income tax penalty and higher inventory impairment.