20 Nov 2015, Kuala Lumpur : Nexgram announced the acquisition of Ire-Tex with intention to consolidate the later as a public listed subsidiary post acquisition. According to Nexgram, the acquisition of Ire-Tex Corp remarks the new chapter of corporate consolidation to build a stronger business group working towards better sustainable growth, which is part of Nexgram Group Master Plan for year 2016-2020.
In a statement to Bursa Malaysia on Friday, Nexgram had announced that it planned to do this through an equity swap based on 40 sen per Ire-Tex share, 1 sen per warrant and 5 sen per irredeemable convertible unsecured loan stocks (Iculs).
The acquisition would provide both Nexgram and Ire-Tex strong group-wide synergy in terms of customer cross selling, strengthening of business and financial muscles as well as unified management team marching towards new heights, an exciting growth opportunity for the business group.
According to Nexgram, the acquisition provides Nexgram an excellent opportunity to accelerate Ire-Tex’s growth strategy in Malaysia, which is already the country largest high-end packaging specialist serving American Fortune 500 customers, especially in renewable energy and aviation industries. Ire-Tex having their own research and development (R&D) lab stands out among conventional players.
On the other hand, Nexgram would likely aim to build on Ire-Tex strong industry know-how foundation build over the years and bring their technology and services to Nexgram’s presence across Asia where Nexgram has long history of business foot prints, especially Indonesia and Thailand.
Incorporated in year 2002, Ire-Tex currently has over 478 staff strength, and recently went through facilities consolidation and corporate restructuring plan in order to facilitate higher demand from multi-national customers. Book orders have been increasing the last few quarters. The group hired professional consultants to improve the new factory process flows which went through smoothly under current management.
Nexgram Holdings Berhad is a public listed company involved mainly in telecommunication, security & surveillance, property development, industries, business advisories and investment activities.
PR Press Release