As at March 31, Hanamaru has a net tangible asset of RM1,857,751, which implies the NTA attributable to MeGroup's 20% stake is RM371,550. For the year ended March 31, Hanamaru reported earnings of RM213,103.
“We see vast opportunities to realise synergies between Hanamaru and the group through better operational productivity and cost efficiencies,” says Carol Wong, MeGroup’s executive director.
“With their extensive experience and strong presence in the automative business in Malaysia, and together with Hanamaru’s long track record and established auction platform, we are confident about the business’ long-term prospects and outlook,” says Cho Takahiro, CEO of Hanamaru Auto Trading (Malaysia), referring to his new investor.
MeGroup shares last traded at 8.3 cents. It was listed in Oct 2018 at 23 cents.
