Local paint company DPI Holdings Berhad is expanding into the Australian market via a merger and acquisition route by taking a 90% stake in an aerosol paint company Zeus Chemical.
DPI signed an MOU with the shareholders of the company which is involved in the business of manufacturing and supplying aerosol paints, as well as various automotive and industrial aerosol products. A share sale agreement will be entered into by all four parties pertaining to the disposal and acquisition of shares in Zeus Chemical.
According to Executive Chairman, Peter Chai Mui Seng, the company had been looking for opportunities to expand overseas and had been searching for merger and acquisition opportunities since the border reopened.
DPI sees the acquisition as part of the group’s business strategies to expand its presence in overseas markets by selling its own products through directly owned overseas subsidiaries and at the same time bringing those brands into the Malaysian market.