17 Oct 2023
17 Oct 2023
13 Oct 2023
Tomypak Holdings Bhd. has received its shareholders’ nod for the acquisition of a 70% stake in EB Packaging Sdn Bhd by its wholly owned subsidiary Tomypak Flexible Packaging Sdn Bhd for RM73.5mil. In a statement, Tomypak, which is involved in flexible food packaging, said its shareholders also approved the call and put options for the remaining 30% equity interest of EB Packaging at a maximum of RM31.5mil. Tomypak believes this strategic expansion via the acquisition of an established player in the flexible plastic packaging sector, aligns with the group’s strategy centred on bolstering revenue and profitability. “By doing so, we aim to expand our footprint vertically within the flexible plastic packaging sector. This decision is rooted in the recognition that our group and EB Packaging both cater to different customer bases,” it said. Tomypak’s customers are predominantly food and beverage manufacturers. In contrast, EB Packaging engages with a diverse clientele spanning across various industries including food, electronics, industrial packaging, building materials, furniture, garment, healthcare, and logistics. “This divergence in customer bases presents a unique opportunity for mutual growth and synergy, capitalising on each other's strengths, brand identities, and track records,” Tomypak added.