CCK inks conditional deal for US$8mil acquisition of shrimp distributor

KUALA LUMPUR: CCK Consolidated Bhd’s unit PT Adilmart has entered right into a conditional share sale settlement with the shareholders of PT Bonanza Pratama Abadi for the acquisition of its whole fairness curiosity for US$8mil (RM33.85mil).

The distributors are Mitsumoto Corp Ltd, Seven Star Enterprise Sdn Bhd, Harvest Bonanza Sdn Bhd and Miradewi Rosadi.

In a bourse submitting, CCK stated Indonesia-based PT Bonanza was principally engaged in processing and freezing shrimp for native and export gross sales.

“The Proposed Acquisition can be synergistic to CCK’s present seafood enterprise in addition to the enterprise of poultry processing and manufacturing of downstream merchandise reminiscent of sausages, patties and meatballs, and as such is predicted to enrich the CCK Group’s present actions.

“The Proposed Acquisition will present a possibility for CCK to ascertain enterprise integration with PT Bonanza resulting in improved operational efficiencies and decreased manufacturing prices by means of its worth chain,” stated CCK.

In the meantime, as a result of curiosity of the administrators in each CCK and PT Bonanza, the proposed acquisition would additionally be capable to mitigate potential battle of curiosity, which might in flip safeguard the pursuits of minority shareholders.

It added that it expects the acquisition to be earnings accretive given the established enterprise and optimistic historic monetary efficiency on PT Bonanza.


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