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KUALA LUMPUR: SCGM Bhd (SCGM) has received the green light from its shareholders for the disposal of its entire stake in Lee Soon Seng Plastic Industries Sdn Bhd (LSSPI) to Mitsui & Co Ltd and FP Corporation (FPCO) for RM544.38 million.

In a statement today, SCGM said Mitsui is acquiring a 60 per cent equity interest, equivalent to 63.88 million LSSPI shares for RM326.63 million, while FPCO will acquire the remaining 40 per cent equity interest, representing 42.59 million LSSPI shares for a total cash consideration of RM217.75 million.

The food packaging manufacturer said the disposal consideration of the wholly-owned subsidiary is equivalent to RM2.83 per share.

SCGM said of the proceeds, RM425.56 million have been earmarked for distribution to entitled SCGM shareholders, RM18.8 million for transfer of properties immediately upon completion of the disposal, RM84.02 million for acquisition of new business/assets to be identified or for working capital within 24 months and the remaining RM16 million is to defray estimated expenses for the said corporate exercise.

SCGM said it will distribute a cash distribution of RM0.36 per share by way of capital reduction and repayment exercise, as well as special dividend of RM1.85 per share to entitled shareholders.

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It said the capital reduction and repayment exercise would cancel RM69.32 million of SCGM’s share capital, whereby it will reduce the company’s share capital from RM132.44 million to RM63.12 million, which will be distributed to entitled shareholders by way of cash distribution of RM0.36 per SCGM share.

"The entitlement date for capital reduction and repayment will be determined upon obtaining the order of the High Court of Malaya confirming the capital reduction and repayment under Section 116 of the Companies Act 2016,” it said.

The company also added that the entitlement date for the special dividend will not be the same as the entitlement date for the capital reduction and repayment exercise.

Barring unforeseen circumstances, the capital reduction and repayment exercise and special dividend are expected to be completed by the fourth quarter of 2022.

It added that LSSPI had also entered into a conditional sale and purchase agreement with SCGM’s wholly-owned subsidiary, Habipack Sdn Bhd, for the transfer of three contiguous parcels of land with factory buildings and other ancillary buildings in Kulai, Johor for a total cash consideration of RM18 million. - Bernama