Kuala Lumpur: Muhibbah Engineering (M) Bhd’s (MEB) wholly-owned subsidiary, ITS Konsortium Sdn Bhd (ITSK), has acquired 12.52 million ordinary shares in Master-Pack Group Bhd (MPGB) for RM54.65 million. In a filing with Bursa Malaysia today, MEB reported that the shares were purchased from the open market on March 25-26, 2025, at an average price of RM4.36 per MPGB share.

According to BERNAMA News Agency, MEB and ITSK (MEB group) previously acquired a total of 4.41 million MPGB shares for RM7.6 million in cash during the financial year 2022. With the recent acquisitions, the MEB group now holds a total of 16.94 million MPGB shares, representing a 31 percent equity interest in MPGB, calculated at an average price of RM3.68 per share. As a result, MPGB has become an associated company of the MEB group.

The board of MEB stated that they believe the acquisitions will expand the earnings base of the MEB group and provide an additional stream of recurring income through equity accounting of MPSB financial results and dividend income from MPSB. After considering all relevant factors, the board of directors is of the opinion that the acquisitions are in the best interest of the group.