Scientex to Acquire 70% Stake in China Plastic Packaging Maker for RM101.5m

Scientex Bhd is acquiring a 70% stake in Hunan Changcheng Mint New Material Technology Co Ltd, a plastic packaging manufacturer in China’s Hunan province, for 167.3 million yuan (RM101.5 million), as it seeks to expand its footprint in China. The packaging manufacturer and property developer said its wholly owned unit Scientex Packaging (Ayer Keroh) Bhd has entered into an equity interest sale and purchase agreement with Mintpack founder Tan Cui Fang and Hunan Changcheng Tianyi Information Technology Co Ltd (Tianyi) to acquire the stake. Upon completion, Mintpack will become a 70%-owned indirect subsidiary of Scientex, while Tan will retain a 30% stake through Tianyi.

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