PETALING JAYA: CCK Consolidated Holdings Bhd’s unit has proposed to acquire the entire equity interest in PT Bonanza Pratama Abadi, an Indonesian company involved in the processing and freezing shrimp for local and export sales, for US$8mil (RM33.74mil).

       Barring any unforeseen circumstances and subject to all approvals being obtained, the proposed acquisition is expected to be completed by the second half of 2022. It said the purchase consideration would be funded entirely from internally generated funds and/or bank borrowings.

       In its filing with Bursa Malaysia, the poultry company said its wholly owned subsidiary PT Adilmart had yesterday entered into a conditional share sale agreement for the proposed acquisition that would complement the group’s existing activities.

       “The proposed acquisition will be synergistic to CCK’s existing seafood business as well as the business of poultry processing and manufacturing of downstream products such as sausages, patties and meatballs,” it said.

       “In view of the established business and positive historical financial performance of PT Bonanza, the proposed acquisition is expected to be earnings accretive,” it added.