CEO offers to buy Singapore molder Meiban

By Gurdip Singh
Correspondent

Published: March 16, 2012 6:00 am ET

Related to this story

Topics Mergers & Acquisitions, Injection Molding, Molds/Tooling

SINGAPORE (March 16, 1 p.m. ET) — Meiban Group CEO George Goh has offered to take over Singapore’s contract plastics manufacturing company and delist it from the Singapore Exchange (SGX).

Goh and his family members own 30.17 percent of Meiban and have offered S$128.4 million (US$101.93 million) for the shares they do not hold.

The offer comes through Virgin Island-registered investment vehicle Zhong Yong Holdings, which would eventually take over Meiban.

The offer was a good opportunity for shareholders to realize their investment in Meiban, said a joint Meiban and Zhong Yong statement filed with SGX.

The statement said the privatization of Meiban would provide greater flexibility to its management to promote greater efficiency and competitiveness through changes in strategy and investments.

Meiban ended 2011 with a 33 percent year-on-year drop in net profit to S$8.53 million (US$6.77 million) and a 19 percent decline in sales to S$341.46 million (US$271 million), attributing it to weak demand caused by the economic uncertainties in developed markets.


Comments

CEO offers to buy Singapore molder Meiban

By Gurdip Singh
Correspondent

Published: March 16, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Injection molder, recycler Polyvulc USA puts itself up for sale

July 24, 2014 12:41 pm ET

Fred Farrell and Larry Lambiotte, founders of Polyvulc USA Inc. and its subsidiaries Polyvulc Tire Recycling Llc and Winnsboro Rubber Recycling LLC,...    More

Image

Contigo, Avex buy lets Newell Rubbermaid leapfrog new bottle development

July 22, 2014 4:11 pm ET

Newell Rubbermaid Inc. is ready to accelerate its move into the reusable water bottle business with the purchase of two on-the-go drinkware brands.    More

Image

Illinois injection molder expands

July 21, 2014 1:23 pm ET

Automotive supplier All-Rite Industries Inc. has added two new injection molding machines to its operations.    More

Image

Newell Rubbermaid to acquire Contigo brand

July 21, 2014 5:00 pm ET

Consumer products company Newell Rubbermaid Inc. has signed an agreement to acquire Ignite Holdings LLC, owner of the Contigo and Avex brands of...    More

Image

Huhtamäki to evaluate its films business

July 21, 2014 9:52 am ET

Finland-based plastics packaging group, Huhtamäki Oyj, has announced that it is evaluating its options regarding its films business, due to its growin...    More

Market Reports

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Plastics Recycling Market Review & Outlook 2014

This special report from Plastics News examines the North American plastics recycling industry and provides insight into indicators that impact market viability, including Resin pricing trends for virgin and recycled market material and historical Resin production trends for post- consumer and industrial waste.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events