CAST acrylic sheet manufacturer Asia Poly Holdings Bhd announced that it has completed the acquisition of an 11% stake, or 2.68 million ordinary shares, in Dolphin International Bhd.
“We refer to the announcement dated Jan 6, 2019 in relation to the acquisition of shares in Dolphin International. The purchase consideration has been settled on Jan 7, 2020,” it said in a Bursa Malaysia filing on Jan 10.
Asia Poly posted a net loss of RM2.13 mil on the back of RM20.1 mil revenue for the third quarter ended Sept 30, 2019 (3Q19).
The company has, under a new management, decided to diversify its earnings base by venturing into the power and property segments.
Dolphin International is also a loss-making company, posting a net loss of RM218,000 on the back of RM4.16 mil revenue in 3Q19.
The Dolphin group of companies, founded in 1992, is currently operating in the palm oil milling machinery sector. The group serves the growing demand for process integration and automation solutions and services and seeks to enhance productivity, safety and efficiency in palm oil mills. – Jan 10, 2020
