Kossan ups stake in Cleanera for RM6.5m, sees potential in cleanroom tech in China Sangeetha Amarthalingam / theedgemarkets.com
December 04, 2017 22:57 pm +08
-A+A KUALA LUMPUR (Dec 4): Kossan Rubber Industries Bhd has bought another 26.97% stake in clean-room product trader Cleanera HK Ltd, raising its shareholding in the company to 82%.
It bought the additional stake from Midori Anzen Co Ltd for RM6.5 million, Kossan said in a filing with Bursa Malaysia.
The acquisition, it said, was based on Cleanera’s net asset rising to HK$9.83 per share according to its audited financial statements in 2016, from HK$7.98 as per its initial investment in 2011.
Kossan also quoted an article in Cleanroom Technology magazine, which stated that the Chinese Institute of Electronics forecast that China’s clean room engineering industry is expected to increase to 126.85 billion yuan (RM77.88 billion) in 2018 from 43.24 billion yuan in 2012 or a compound annual growth rate of 19.65%.
“With the increased shareholding of 82% in Cleanera, Kossan would have better leeway in charting Cleanera’s growth into China’s booming clean room market,” it said.
Kossan’s shares closed up six sen or 0.78% at RM7.75 today for a market capitalisation of RM4.95 billion.
Stock: [KOSSAN]: KOSSAN RUBBER INDUSTRIES BHD
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https://www.theedgemarkets.com/article/kossan-ups-stake-cleanera-rm65m-sees-potential-cleanroom-tech-china
Kossan ups stake in Cleanera for RM6.5m, sees potential in cleanroom tech in China
Sangeetha Amarthalingam
/
theedgemarkets.com
December 04, 2017 22:57 pm +08
-A+A
KUALA LUMPUR (Dec 4): Kossan Rubber Industries Bhd has bought another 26.97% stake in clean-room product trader Cleanera HK Ltd, raising its shareholding in the company to 82%.
It bought the additional stake from Midori Anzen Co Ltd for RM6.5 million, Kossan said in a filing with Bursa Malaysia.
The acquisition, it said, was based on Cleanera’s net asset rising to HK$9.83 per share according to its audited financial statements in 2016, from HK$7.98 as per its initial investment in 2011.
Kossan also quoted an article in Cleanroom Technology magazine, which stated that the Chinese Institute of Electronics forecast that China’s clean room engineering industry is expected to increase to 126.85 billion yuan (RM77.88 billion) in 2018 from 43.24 billion yuan in 2012 or a compound annual growth rate of 19.65%.
“With the increased shareholding of 82% in Cleanera, Kossan would have better leeway in charting Cleanera’s growth into China’s booming clean room market,” it said.
Kossan’s shares closed up six sen or 0.78% at RM7.75 today for a market capitalisation of RM4.95 billion.