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 total 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 might be synergistic to CCK’s current seafood enterprise in addition to the enterprise of poultry processing and manufacturing of downstream merchandise comparable to sausages, patties and meatballs, and as such is anticipated to enrich the CCK Group’s current actions.

“The Proposed Acquisition will present a chance for CCK to ascertain enterprise integration with PT Bonanza resulting in improved operational efficiencies and lowered manufacturing prices via its worth chain,” stated CCK.

Meanwhile, because of the curiosity of the administrators in each CCK and PT Bonanza, the proposed acquisition would additionally be capable of 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 busines and optimistic historic monetary efficiency on PT Bonanza.

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