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Meda to aquire 51% of Hadhari cattle for RM18 million

Posted on: April 12, 2009


Bernama – Saturday, April 11

KUALA LUMPUR, April 10 (Bernama) — Meda Inc Bhd plans on acquiring 51 percent interest in Hadhari Cattle Industry Sdn Bhd from Abdul Rashid Tang Abdullah for RM18 million.

Abdul Rashid is a shareholder of the company holding 74.6 percent shares of Hadhari Cattle.

Upon completion of the proposed deal, Hadhari Cattle will become a subsidiary of Meda, the company said in a filing to Bursa Malaysia here today.

Amidst the economic slowdown in the property sector, Meda said it is seeking to diversify its business in order to derive a stable source of income.

“Hadhari Cattle’s business represents such an income source,” it added.

Hadhari Cattle runs an abattoir, distributes meat and meat products and is involved in the development of feedlot vendor programme.

Meda said the proposed acquisition will be funded by internally generated funds and it is expected to be completed within nine months. — BERNAMA

TCT SD

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