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buy apple developer account (buyappleacc.com):Scientex makes offer to take Daibochi private

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,Scientex CEO Lim Peng Jin (pic) said the challenges presented by the Covid-19 pandemic highlighted the growing needs of companies to be agile to react fast to external impacts.

KUALA LUMPUR: Scientex Bhd has proposed to take its subsidiary Daibochi Bhd private by offering to acquire all the remaining shares and warrants it does not already own for RM345.3mil cash.

In a filing with Bursa Malaysia, the packaging manufacturer and property developer said the proposed voluntary takeover exercise would entail buying 38.12% of Daibochi’s issued shares, excluding treasury shares, for RM2.70 apiece, and 95.75% of its outstanding warrants for 32 sen each.

Scientex CEO Lim Peng Jin said the challenges presented by the Covid-19 pandemic highlighted the growing needs of companies to be agile to react fast to external impacts.

He said this is especially important for Daibochi, which serves the supply chains of essential food and beverage and fast-moving consumer goods segments.Scientex building

“To ensure uninterrupted supply to customers, it is crucial to future-proof Daibochi’s capabilities through implementation of risk mitigation and business continuity plans that are integrated with Scientex’s resources and internal processes.

“This will enhance Daibochi’s competitive edge and resilience, as well as reinforce the confidence among its multinational companies and local prominent brands.”

Lim said the cash offer provides an opportunity to Daibochi’s shareholders to realise their investments immediately.

The offer price of RM2.70 per share represents a premium of 17.39% over the three-month volume weighted average market price (VWAP) up to the last traded price on Sept 10, 2021.

In addition, the offer price represents a premium of 221.43% over the latest unaudited consolidated net asset per Daibochi share of 84 sen as at April 30, 2021.

The offer price for the warrants represents a premium of 100% over the three-month VWAP of Daibochi up to Sept 10.

The proposed privatisation of Daibochi would provide Scientex with greater flexibility and autonomy to rationalise its business activities and to streamline the operations of both Daibochi and the enlarged Scientex group, to achieve greater operational efficiencies to grow the flexible packaging business.

Additionally, the exercise would allow Scientex to streamline Daibochi’s production, supply chain, business development and administrative functions as an overall means to optimise the enlarged Scientex group’s operations as a leading packaging player in the region, aligned to its sustainability roadmap.

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