PETALING JAYA: Scientex Inc Bhd has proposed a voluntary general over of listed subsidiary Scientex Packaging Bhd (SciPack).

Property developer Scientex owns 61.4% of second board-listed SciPack, an integrated manufacturer of industrial packaging products for domestic and export markets.

It has offered to buy the remaining 38.6% stake it does not own via the issuance of one new Scientex share for every SciPack share held.

Based on Scientex's five-day volume weighted average market price of RM1.30, this represents a premium of 12.1% over SciPack's five-day weighted average share price.

Scientex does not intend to maintain the listed status of SciPack after the exercise is completed.

Scientex has also proposed to change its name to Scientex Bhd in line with the rationalisation exercise.
 

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