News In Brief: Sept 19, 2024

ANCOM NYLEX BHD’s wholly-owned unit Nylex Holdings Sdn Bhd has entered into a share sale agreement to acquire 1.4 million ordinary shares or 70 per cent equity interest in Colorex Sdn Bhd for a cash consideration of RM14.0 million. 

In a statement today, it said the proposed acquisition comes with a profit guarantee that Colorex shall achieve a profit after tax of no less than RM2.5 million for two consecutive years.

It said that this translates into an implied price-to-earnings multiple of 8.0 times based on the annual profit guarantee of RM2.5 million and 100 per cent valuation (RM20.0 million) of Colorex.

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“Prospects of the group continue to be exciting premised upon the growth drivers we have in place while being cognisant of the global market challenges such as elevated shipping costs and forex (foreign exchange) volatility,” said Ancom Nylex managing director and group chief executive officer Datuk Lee Cheun Wei. 

-- BERNAMA

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HALAL DEVELOPMENT CORPORATION BHD (HDC) and Nippon Express (Malaysia) Sdn Bhd signed a memorandum of understanding (MoU) today to bolster Malaysia’s position in the global halal market.

The MoU was signed at HDC’s pavilion at the Malaysia International Halal Showcase (MIHAS) 2024, attended by HDC chairman Khairul Azwan Harun, HDC chief executive officer Hairol Ariffein Sahari, Nippon Express managing director Hideki Nagaoka and Nippon Express executive director Mervin Yee. 

“The main objective of this MoU is to create a strategic alliance between HDC and Nippon Express to drive forward the halal logistics industry.

“The collaboration will focus on the development of a sustainable halal logistics platform, with the World Expo Osaka 2025 serving as a significant milestone for this initiative,” the statement said. 

-- BERNAMA