KUALA LUMPUR, March 27 (Bernama) -- Muhibbah Engineering (M) Bhd’s (MEB) wholly-owned subsidiary, ITS Konsortium Sdn Bhd (ITSK), has acquired 12.52 million ordinary shares in Master-Pack Group Bhd (MPGB) for RM54.65 million.
In a filing with Bursa Malaysia today, MEB said the shares were acquired from the open market on March 25-26, 2025, at an average price of RM4.36 per MPGB share.
MEB and ITSK (MEB group) acquired a total of 4.41 million MPGB shares for RM7.6 million in cash during the financial year 2022.
Following the acquisitions, MEB group now holds a total of 16.94 million MPGB shares, representing a 31 per cent equity interest in MPGB (average price: RM3.68 per share). Accordingly, MPGB becomes an associated company of MEB group.
“The board believes the acquisitions will widen the earnings base of MEB group and provide it with additional stream of recurring income through equity accounting of MPSB financial results and dividend income from MPSB,” it said.
After considering all the relevant factors, the board of directors is of the opinion that the acquisitions are in the best interest of the group, MEB added.
-- BERNAMA
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