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DKSH receives shareholders’ approval at EGM February 22, 2019


			
				DKSH receives shareholders’ approval at EGM

DKSH today announced that it has received majority support from shareholders for the proposed acquisition of Auric Pacific (M) Sdn. Bhd. at its Extraordinary General Meeting.

Media release 

DKSH receives shareholders’ approval at EGM

DKSH today announced that it has received majority support from shareholders for the proposed acquisition of Auric Pacific (M) Sdn. Bhd. at its Extraordinary General Meeting.

Petaling Jaya, Malaysia, February 22, 2019 – DKSH, the leading Market Expansion Services provider with a focus on Asia, announced that it has received majority approval from shareholders for the proposed acquisition of Auric Pacific (M) Sdn. Bhd. at its Extraordinary General Meeting (EGM) today.

 

As around 99% of the votes were cast in favor of the above ordinary resolution, the resolution was duly passed by way of poll by the shareholders at the EGM as an ordinary resolution.

 

DKSH will acquire 100% of Auric Pacific for a consideration of SGD 157,674,000 (equivalent to MYR 480,905,700) which will be funded entirely through bank borrowings. This acquisition is expected to be completed within the first quarter of this year.

 

With the value-accretive acquisition of the distribution business of Auric Pacific, DKSH expands the high-margin and fast-growing food services business in Malaysia. At the same time, DKSH strengthens its presence in the fast-moving consumer goods industry here.

 

The existing management team and employees of Auric Pacific will join DKSH and will, in turn, help to ensure continuity and complete the integration of Auric Pacific into DKSH’s organizational structure.

 

Nicholas McLaren, Head, Country Management and Vice President, Country Finance, said: “We remain committed to delivering sustainable growth to our shareholders. With this acquisition, our strategic priorities this year will be to increase our scale and operations with increased number of client portfolios and expansion into the higher margin food service business. This will enable us to increase our market share and enhance our competitiveness in the Market Expansion Services industry in the country.”