Updated — Hong Leong Asia Ltd. has sold its Malaysian plastics business to Viscount Plastics (Malaysia) for A$3.61 million (US$2.75 million).
Rex Plastics (Malaysia) Sdn. Bhd., a wholly owned subsidiary of Hong Leong Asia (HLA), was sold to Viscount Plastics (Malaysia) Sdn. Bhd., HLA company secretary Ng Siew Ping said in a brief statement.
The sale closed on Dec. 5. Ping's statement said the sale was on a “willing-buyer, willing-seller” basis.
Viscount Plastics (Malaysia) is a wholly owned subsidiary of Dynapack Asia Pte. Ltd., which Emmeline Hambali, Dynapack's group managing director, shared services, told Plastics News is a privately held Singaporean joint venture.
She said Dynapack bought Viscount Plastics (Malaysia) in 2013 from Melbourne, Australia-based publicly listed Pact Group Holdings Ltd., which owns Viscount Plastics Pty. Ltd.
Publicly listed, Singapore-based Hong Leong Asia Ltd. is the trade and industry arm of the massive Asian conglomerate Hong Leong Group, which has interests in a wide range of industries, including the finance sector.
HLA began as a building materials supplier and grew into a major diversified industrial conglomerate with operations in China, Singapore and Malaysia.
Rex Plastics (M) Sdn. Bhd. is part of Rex Industrial Packaging, established in 1946 as Rheem Hume (Far East) Ltd. It shares premises with Rex Pak (M) Sdn. Bhd. in the Subang Hi-tech Industrial Park, Selangor, Malaysia.
According to the companies' joint website, Rex Plastics manufactures plastic bottles for global and regional customers and Rex Pak manufactures thermoforming and injection tubs, cups and lids.
Hambali said Rex Pak is not included in the sale, but the companies will continue to share premises.
Dynapack Asia's website says it has 20 manufacturing plants across Indonesia, Thailand, Vietnam, Malaysia, and China.
Asked whether Rex Plastics will be amalgamated with any of Dynapack Asia's other Malaysian plants or continue to manufacture independently, Hambali said that is “confidential information.”
She did not disclose Dynapack's staff numbers or sales.