KUALA LUMPUR: Luster Industries Bhd has acquired an 8.169% stake in ACE Market-listed Aimflex Bhd for a total consideration of RM22mil as it seeks to leverage synergies between the two companies.

       In a filing with Bursa Malaysia, Luster said entered into a deal with Aimflex executive chairman Datuk Awang Daud Awang Putera for the acquisition of 100,000,000 Aimflex shares at 22 sen apiece.

       Luster is principally involved in the manufacturing of plastic parts and components and machining of metal parts. It said the acquisition is expected to allow potential synergies such as sharing customer bases, which will provide a platform for Luster to penetrate the automation industry.

       “The acquisition may also enable Luster’s manufacturing business segment to leverage Aimflex’s expertise and experience in the manufacturing and modification of automation machines and fabrication of precision parts and metal panels, to create business opportunities,” it added.