Muda unit buys stationery firm in Singapore for RM4.26m

PETALING JAYA: Muda Holdings Bhd’s 70%-owned subsidiary Intrapac (Singapore) Pte Ltd has bought the entire stake in Wenfang Pte Ltd for S$1.42 million (RM4.26 million).
The group said in a filing with the stock exchange the the purchase consideration was satisfied entirely in cash and funded from internally available funds.
Wenfang is principally engaged in importing and distribution of stationery and holds a number of agency products in Singapore under the name of Deli, COMIX, HOPAX, Kapamax and TiTi.
Muda said the acquisition will provide an opportunity for the group to strengthen its leading position in the stationery market in Singapore and to also expand its market share with more agency products of Wenfang in addition to promoting better efficiency and cost advantages in its operations.
Its shares gained 3 sen or 1.8% to close at RM1.70 on 453,400 shares done.