Sunzen Biotech acquires 70% stake in food firm for RM2.8m

08 May 2018 / 19:07 H.

    PETALING JAYA: Animal health specialist Sunzen Biotech Bhd is acquiring 70% equity interest in food items manufacturer Amplio Ingredients Sdn Bhd for RM2.8 million, to venture into the business of trading and distribution of food ingredients, personal care and food product, as well as increasing its revenue stream.
    The group told the stock exchange that it had entered into a sale of shares agreement and shareholders' agreement with Cheong Wai Loon and Low Yuan Heng for the acquisition.
    Based on the audited financial statements as at September 30, 2017, Amplio's net profit attributable to assets was RM244,493 and net assets was RM1.08 million.
    The deal is expected to be concluded by the end of the second quarter of 2018.
    Sunzen's shares fell 8% to close at 23 sen with some 38,500 shares done.

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