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Neo Group
NEO Group has entered into a subscription agreement with Hi-Q Plastic Industries Sdn Bhd to subscribe for new shares in Hi-Q for some RM1.6 million (S$505,000). It is subscribing for 416,327 shares at RM3.855 for each share, representing 51 per cent of the enlarged issued and paid-up capital of Hi-Q. The purchase will be funded by internal sources, Neo Group said.
Malaysia-incorporated Hi-Q is a manufacturer and supplier of plastics, resins, moulds and plastic packaging products used by businesses operating in the food industry. For the financial year ended Dec 31, 2015, Hi-Q's profit after tax (excluding any extraordinary gain) was about RM240,000.
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