Tien Wah Press Holdings Berhad (KLSE:TIENWAH) entered into a share purchase agreement to acquire Fuji Paper Manufacturing Co., Ltd from Asia Regal Enterprises Limited for $6.7 million on December 17, 2021. The total cash consideration comprises of initial deposit of $2.2 million and remaining in six equal quarterly instalments of $0.75 million each. The first instalment shall be payable within three months after the completion date and thereafter on quarterly basis. Upon completion, Fuji Paper Manufacturing Co. will become a subsidiary of Tien Wah Press Holdings. The purchase consideration will be satisfied entirely in cash, which will be financed through internally generated funds of the Group. The net assets and total assets of Fuji Paper Manufacturing Co. were $1.81 million and $5.44 million, respectively for the period ended October 31, 2021. The acquisition is conditional upon due diligence and is not subject to the approvals of the shareholders of TWPH or any regulatory authorities. The acquisition is expected to be completed by the first quarter ending December 31, 2022. The acquisition will not have any effect on the share capital and substantial shareholders' shareholdings of TWPH Group. As of May 31, 2022, The Board of Directors of TWPH is pleased to announce that the Parties agreed to extend the Completion of the Proposed Acquisition from 16 June 2022 to 29 July 2022. All other terms and conditions as stated in the SPA shall remained unchanged and in full force and effect.


Tien Wah Press Holdings Berhad (KLSE:TIENWAH) cancelled the acquisition of Fuji Paper Manufacturing Co., Ltd from Asia Regal Enterprises Limited on July 29, 2022.