Global packaging manufacturer Scientex has entered an agreement with several individual vendors to acquire a 42.41% controlling stake in flexible packaging firm Daibochi for MYR222.5m ($53.11m).

The transaction will be processed through a conditional share sale agreement signed between both parties within the next two months.

Based in Malaysia, Daibochi operates manufacturing facilities in Malaysia and Myanmar. It produces high-barrier, laminated flexible packaging for major companies in the food and beverage, fast-moving consumer goods (FMCG), and speciality industries.

Scientex managing director Lim Peng Jin said: “This synergistic merger will create a formidable regional giant from Malaysia with extensive resources to compete globally, offering an integrated range of flexible packaging solutions to a larger client base.

“This synergistic merger will create a formidable regional giant from Malaysia with extensive resources to compete globally.”

“Further to extending our market reach, it brings together strong technical know-how and skilled talent to tap into the exciting growth prospects for this market segment.

“Together, we intend to become an internationally recognised global player to catalyse the future growth and development of the flexible packaging industry. To this end, Scientex endeavours to continue supporting our existing and prospective customers.”

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The deal will allow Scientex to expand its product portfolio, while enhancing its capabilities in the flexible packaging business through synergistic and complementary products.

Scientex will also enter an enhanced collaboration with international brand owners to offer innovative and sustainable packaging solutions.