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Nexgram unit acquires 65% stake in plastic material manufacturer for RM19.5mil

TheEdge Thu, Oct 15, 2020 12:51am - 1 month ago

KUALA LUMPUR (Oct 14): Nexgram Holdings Bhd, through wholly-owned unit NMED Industries Sdn Bhd (NMEDI), has acquired 65% of Arita Holdings Sdn Bhd (AHSB), which makes plastic materials for the medical equipment market, for RM19.5 million.

“The acquisition allows NMEDI to leverage on the AHSB’s products and services to expand its market,” the technology and logistics group said in a filing with Bursa Malaysia today.

Nexgram said the acquisition of AHSB shares would be funded via the issuance of redeemable convertible preference shares (RCPS) in NMEDI. On full conversion by the RCPS holders on expiry of the RCPS’ tenure, Nexgram's equity interest in NMEDI will be diluted to 91%.

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