Kumpulan Perangsang Selangor's share price up 2.31% on new biz

PETALING JAYA: Kumpulan Perangsang Selangor Bhd’s (KPS) share price gained 2.31% or 3 sen to RM1.33 after it announced that it is buying CPI (Penang) Sdn Bhd for RM250 million cash, in a bid to enter into the electronic manufacturing services (EMS) industry.
Some 141,500 shares were traded.
KPS has entered into a share sale agreement for the acquisition of 100% equity in CPI from HK Resources Sdn Bhd and TCS Resources Sdn Bhd.
Founded in 1990, CPI offers complete EMS solutions to its customers, from end-to-end plastic injection moulding services encompassing product design or conceptualisation, tool fabrication and production, to complete box-build services.
CPI currently operates from the Bayan Lepas Industrial Zone in Penang and has a clientele of more than 90 corporations worldwide.
It recorded a consistent revenue growth trend in financial years 2015 and 2016 with year-on-year growth of 16% and 17% respectively. Over 50% of the annual revenue is from exports while local sales are primarily to Malaysia-based subsidiaries of multinational groups