Mitsui to Invest in Lee Soon Seng Plastic Industries, Malaysian Functional Food Container Manufacturer
Mitsui & Co., Ltd. (“Mitsui”, Head Office: Tokyo, President and CEO: Kenichi Hori) and FP Corporation (“FPCO”, Head Office: Hiroshima, President: Morimasa Sato) have agreed to acquire all the shares in Lee Soon Seng Plastic Industries Sdn. Bhd. (“LSSPI”, Head Office: Malaysia) from SCGM Bhd. (“SCGM”, Head Office: Malaysia), and concluded a stock purchase agreement. LSSPI engages in the manufacture and sale of functional food containers mainly in Southeast Asia. The acquisition of the shares will be completed in the second quarter of the fiscal year ending March 2023 after obtaining all necessary permits and licenses, including approval through special resolution at the Extraordinary General Meeting of Shareholders of SCGM and total acquisition amount will be about JPY16billion. Mitsui will hold a 60% stake, and FPCO a 40% stake.
Read more here.