As such, the company has entered a share sale and purchase agreement with Atlan Holdings for 37.7 million ordinary shares, or 100% of the total issued and paid-up share capital of United Industries Holdings.
United Industries has over five decades of experience in producing and supplying high-quality
automotive components to OEM in Malaysia. Its primary products and services include the manufacture and supply of plastic and metal fuel tanks, metal stamping parts, screw jacks, tubings, fuel filter pipes, instrument panels, and other automotive production and assembly component parts.
The company’s net profit after tax for the financial year ended Feb 28, 2025 is about RM22.98 million, equivalent to about $6.9 million. Its book value and net tangible asset value is approximately RM90.9 million as at Feb 28.
The purchase consideration will be paid in two parts, a 10% refundable sum of RM17.5 million, and a balance purchase consideration of RM157.5 million to be paid on the date of completion of the sale and purchase of the sale shares.
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The proposed acquisition will be funded by internal resources of the group, including the placement exercises undertaken by the company in 2016 and 2017.
Shares in Duty Free International closed 0.2 cents higher or 2.985% up at 6.9 cents on July 21.
