KUALA LUMPUR (Oct 12): Muda Holdings Bhd is acquiring a stationery distribution company in Singapore for S$1.42 million (RM4.26 million) to strengthen its market position there.
The industrial paper and paper packaging products manufacturer said its 70%-owned subsidiary Intrapac (Singapore) Pte Ltd acquired Wenfang Pte Ltd from Kang Yiang Li and Kuah Lian Lee.
Wenfang is principally engaged in importing and distributing stationery and holds a number of agency products in Singapore under the name of Deli, Comix, Hopax, Kapamax and TiTi.
"The acquisition will provide an opportunity for the Muda Group to strengthen its leading position in the stationery market in Singapore and to also expand its market share with more agency products of Wenfang in addition to promoting better efficiency and cost advantages in its operations," Muda Holdings said in a filing with Bursa Malaysia.
Muda Holdings' share price gained three sen or 1.8% to close at RM1.70 today, giving it a market capitalisation of RM518.59 million.