$SCGM (7247.MY)$ SCGM (SCGM, 7247) sold its plastic packagin...

SCGM (SCGM, 7247) sold its plastic packaging business to a Japanese group the year before, then became a “stock sale” with no cash, and now it has finally found an acquisition target — vegetable oil distributor Eramas Global Group Private Co., Ltd.

SCGM will acquire all of Eramas Global's shares in cash and through the issuance of new shares to enter the plantation industry.

SCGM reported to the Malaysia Stock Exchange that the two sides have signed a provisional agreement (HOA) and the purchase price will be finalized later.