Kanger executive director Steven Kuah Choon Ching said it represented a significant step in the company’s strategic plans to develop new income streams complementary to its recent diversification into the property-related and construction business segments.

“The approval enables us to widen our product offerings from our existing business of manufacturing and trading of bamboo flooring to also include other building materials, such as timber flooring, tiles, bulk cement and concrete.

“This will enable us to expand our market presence and operational capacities as well as capture a larger market share in the trading of the building materials industry in Malaysia,” said Kuah.

Kuah said the consolidation of Sung Master’s financial performance would augur well to Kanger’s profitability and cash flow position in the near future.

He said synergies from the acquisition would help Kanger, particularly supporting its property and construction business segments.

“Under the company’s new construction business, we intend to expand into areas, such as undertaking building, construction, civil engineering and project management contracts.

“The company is working on construction projects with an order book of about RM1 billion,” said Kuah.

The acquisition is slated to be completed in the middle of September.

• Kanger International Bhd