KUALA LUMPUR (Dec 29): Thai conglomerate Charoen Pokphand Foods PCL's Malaysian company is acquiring property-based MKH Bhd's food processing and livestock farming operations for RM64 million.
MKH Bhd, formerly METRO KAJANG HOLDINGS BHD [], said on Thursday it was selling its unit Makin Jernih Group to Charoen Pokphand Foods (M) Sdn Bhd under its plan to dispose off its non-core business.
It said the group's focus was on its core business in property development, property investment, CONSTRUCTION [] and oil palm PLANTATION [].
'The proposal disposal will enable the group to raise proceeds to be utilised for the repayment of bank borrowings and working capital,' it said.
The Makin Jernih Group comprises of Makin Jernih Sdn Bhd and its subsidiaries, Chau Yang Farming Sdn Bhd, Tip Top Meat Sdn Bhd and AA Meat Shop Sdn Bhd.
Chau Yang Farming's core activities are livestock farming and oil palm cultivation, Tip Top Meat is involved in food processing and trading while AA Meat Shop trades in food and meat related products.
For the financial year ended Sept 30, 2011, Makin Jernih recorded an unaudited consolidated profit after tax of RM3.0 million while its unaudited consolidated net assets was RM61.2 million.
'The sale consideration of RM64.0 million represents a premium of approximately 4.4% or RM2.8 million above the consolidated net asset of Makin Jernih based on the unaudited accounts of Makin Jernih as at Sept 30, 2011,' it said.
MKH Bhd, formerly METRO KAJANG HOLDINGS BHD [], said on Thursday it was selling its unit Makin Jernih Group to Charoen Pokphand Foods (M) Sdn Bhd under its plan to dispose off its non-core business.
It said the group's focus was on its core business in property development, property investment, CONSTRUCTION [] and oil palm PLANTATION [].
'The proposal disposal will enable the group to raise proceeds to be utilised for the repayment of bank borrowings and working capital,' it said.
The Makin Jernih Group comprises of Makin Jernih Sdn Bhd and its subsidiaries, Chau Yang Farming Sdn Bhd, Tip Top Meat Sdn Bhd and AA Meat Shop Sdn Bhd.
Chau Yang Farming's core activities are livestock farming and oil palm cultivation, Tip Top Meat is involved in food processing and trading while AA Meat Shop trades in food and meat related products.
For the financial year ended Sept 30, 2011, Makin Jernih recorded an unaudited consolidated profit after tax of RM3.0 million while its unaudited consolidated net assets was RM61.2 million.
'The sale consideration of RM64.0 million represents a premium of approximately 4.4% or RM2.8 million above the consolidated net asset of Makin Jernih based on the unaudited accounts of Makin Jernih as at Sept 30, 2011,' it said.
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