Malaysia-based Muda Packaging will acquire 2 million ordinary shares of MYR1 each in KF Paper Products (Melaka) from Hong Hwai Holdings and three individuals for MYR6.75m.

According to the company, the acquisition is subject to approval from relevant authorities.

This move would enable the Muda group to further expand into the corrugated carton industry and see an increase in the consumption of the group's industrial grade paper.

Muda Packaging, a wholly-owned subsidiary of Muda Holdings, manufactures and sells corrugated cartons and paper products.

KF Paper Products is a manufacturer and retailer of corrugated cartons and boards for commercial use.