Mega First Corporation Berhad completed the acquisition of 75% stake in Stenta Films Sdn. Bhd. from PT Argha Karya Prima Industry Tbk and others for approximately MYR 150 million.
The consideration translates into an EV/EBITDA multiple of 7.1x and a Price/NBV multiple of 1.96x. The transaction is subject to the execution of a definitive sale and purchase agreement and may be subject to other regulatory authorities of Malaysia, if required. The Offer is subject to the receipt of acceptance of at least 70% of the issued shares of Stenta Films. As of May 24, 2021, MFCB has received a total acceptance representing 75% of the issued shares. The acquisition is not subject to the approval of shareholders. It is expected that the agreement, and if applicable the Option Agreement, will be executed and completed by July 2021. The acquisition of Stenta Films will immediately contribute positively to the revenue and profit of the MFCB Group.
Mega First Corporation Berhad (KLSE:MFCB) completed the acquisition of 75% stake in Stenta Films (Malaysia) Sdn. Bhd. from PT Argha Karya Prima Industry Tbk (IDX:AKPI) and others for approximately MYR 150 million on July 28, 2021. As on July 23, 2021 The Board of Directors of Mega First Corporation Berhad shares definitive agreements. On Completion, MFCB will enter into a Put Option Agreement with each of the Minority Shareholders an option to require MFCB to purchase from the Minority Shareholder the Option Shares held by the Minority Shareholder in Stenta, free from all liens, charges and other encumbrances and with all rights attaching thereto as at the date of such transfer. On completion of 75% stake, MFCB entered into a Put Option Agreement with PT Argha Karya Prima Industry TBK, Rentak Rimbun Sdn Bhd, Wong Kok Hwa and Ngoei Boon Liong to acquired the remaining minority stake in Stenta Films.