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

Unique Tool adding equipment, jobs

October 30, 2014 1:52 pm ET

Mold maker Unique Tool & Gauge Inc., is planning to invest more than $3.5 million dollars in new equipment for its Windsor, Ontario, facility.    More

Image

Magna opens new exterior facility, plans for lighting investment

October 30, 2014 1:36 pm ET

Canadian automotive supplier Magna International Inc. on Oct. 28 opened a new injection molding and robotic paint line facility in Delta Township,...    More

Image

Xten may shut down, working on sale to Commercial Plastics

October 29, 2014 5:49 pm ET

Xten Industries LLC is working on a sale to Commercial Plastics Co. of Mundelein, Ill. Xten, an injection molder based in Kenosha, Wis., filed a...    More

Image

Detroit Manufacturing Systems to hire 200 for F-150 production

October 29, 2014 10:40 am ET

Interior trim supplier Detroit Manufacturing Systems LLC plans to hire 200 assembly workers by January to support production growth of Ford Motor Co....    More

Image

Cosmetic packaging maker expands in China

October 28, 2014 3:32 pm ET

A $180 million expansion project by the Derjin Group of Taiwan has broken ground in China's Jiangsu province.    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

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

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events