Asian Conglomerate Sells Malaysian Plastics business

Hong Leong Asia Ltd. has sold its Malaysian plastics business to Viscount Plastics for A$3.61 million (US$2.75 million).

Rex Plastics (Malaysia) Sdn. Bhd., a wholly owned subsidiary of Hong Leong Asia (HLA), was sold to Viscount Plastics (Malaysia) Sdn. Bhd., HLA company secretary Ng Siew Ping said in a brief statement.

The sale closed Dec. 2. Ping's statement said the sale was on a "willing-buyer, willing-seller" basis.

Viscount Plastics (Malaysia) is owned by Melbourne, Australia-based, publicly listed packaging giant Pact Group Holdings Ltd.

Publicly listed, Singapore-based Hong Leong Asia Ltd. is the trade and industry arm of the massive Asian conglomerate Hong Leong Group, which has interests in a wide range of industries, including the finance sector.

HLA began as a building materials supplier and grew into a major diversified industrial conglomerate with operations in China, Singapore and Malaysia.

Rex Plastics is part of Rex Industrial Packaging, established in 1946 as Rheem Hume (Far East) Ltd. It shares premises with Rex Pak (M) Sdn. Bhd. in the Subang Hi-tech Industrial Park, Selangor, Malaysia.

According to the companies' website, Rex Plastics manufactures plastic bottles for global and regional customers and Rex Pak thermoforms and injection molds tubs, cups and lids.

No representatives of Hong Leong Asia Ltd. or Pact Group Holdings Ltd. were available to comment on the sale.