KUALA LUMPUR (April 1): Scientex Bhd has garnered valid acceptance of 61.89% shareholdings in Daibochi Bhd through its mandatory general offer in the form of a share swap, according to the latest filing with Bursa Malaysia.

Under the MGO, which closed at 5pm today, Daibochi shareholders had the option to swap 5.5 of their shares for one Scientex share.

The MGO also included a cash offer to acquire all outstanding Daibochi warrants at one sen per warrant. A total of 82 warrant holders holding 1.16 million warrants, representing 4.24% of Daibochi’s total outstanding warrants, accepted the cash offer.

To recap, Scientex launched the MGO after its purchase of a 42.48% stake in Daibochi for RM222.5 million on Feb 19 to expand its client base and enhance capabilities in the flexible packaging business.

In a separate statement, Lim Peng Jin, managing director of Scientex said, “We are making excellent headway in the integration of Scientex and Daibochi, with both managements committed to expanding our share in the global flexible packaging market.

“Apart from cost savings through shared resources and raw material procurement, we are also excited about synergies to be realized through combining technical expertise, product portfolio and developmental capabilities, as well as leverage on the comprehensive production expertise of our 18 manufacturing facilities in Malaysia and internationally.

"These efforts pave the way for growth to become a larger and formidable flexible packaging player, with enhanced capabilities to bring better value propositions and sustainable solutions to brand owners and their supply chains,” Lim added.

Shares of Scientex fell five sen or 0.58% to close at RM8.50, valuing the group of RM4.38 billion. The counter saw some 53,400 shares done.

Meanwhile, Daibochi shares rose 7 sen or 4.29% to settle at RM1.70, raising its market capitalisation to RM556.49 million. It saw some 44,300 shares traded.