KUCHING: CCK Consolidated Holdings Bhd has received approval from its shareholders for the proposed acquisition of PT Bonanza Pratama Abadi by its wholly-owned subsidiary PT Adilmart for US$8 million (RM33.74 million) at its extraordinary general meeting (EGM) on June 29, 2022.
All the shareholders present at the EGM voted in favour of the proposed acquisition, according to CCK in its filing with Bursa Malaysia.
On completion of the acquisition, PT Bonanza will become a 100%-owned subsidiary of CCK.
PT Bonanza is principally engaged in processing and freezing shrimps for local and export sales, including principal products such as frozen raw shrimps, frozen cooked shrimps and frozen Nobashi Ebi shrimps.
According to CCK, with more than 20 years in operations, PT Bonanza has established track record in the seafood industry, and the latter is a strategic fit to the CCK group’s existing seafood business as well as the business of poultry processing and manufacturing of downstream products like sausages, patties and meatballs.
For the nine months to Sept 30, 2022, PT Bonanza recorded after tax profit of RM2.9 million against RM3.87 million for the 12-month period for financial year ended Dec 31, 2020.
