$SCGM (7247.MY)$ After selling its plastic packaging busines...

After selling its plastic packaging business to a Japanese group two years ago, SCGM (SCGM, 7247) has become a 'sell-stock' with cash but no business, and has now finally found an acquisition target - the private limited company Eramas Global, a vegetable oil distributor.

SCGM will acquire all the equity of Eramas Global through cash and issuing new shares, thus entering the planting industry.

SCGM has reported to the Malaysian Exchange that both parties have signed a memorandum of understanding (HOA), and the final acquisition price will be determined later.