SINGAPORE (March 21): Events catering company Neo Group has entered into a subscription agreement to acquire a 51% enlarged interest in Hi-Q Plastic Industries for a total consideration sum of RM1.6 million ($0.5 million), which is equivalent to 416,327 new shares at RM3.855 each.

Hi-Q is a Malaysia-incorporated manufacturer and supplier in plastics, resins, moulds and packaging products primarily used by manufacturers and businesses operating in the food industry.

In a Tuesday filing after the market closed, Neo Group says the consideration sum, which was concluded after taking into consideration the RM0.9 million net tangible asset (NTA) value of Hi-Q, is to be satisfied fully in cash and funded by internal sources.

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