: The board of Uniply has decided to buy up to 100% of the shares of Malaysia-based ArtMatrix Technology Sdn. Bhd, a furniture designer and manufacturer. At its board meeting, the company Managing Director Keshav Kantamneni and Group Chief Financial Officer N.K. Jain, were authorised to negotiate and sign agreements with various shareholders to complete the deal. The Malaysian firm has sales across 22 countries and five continents. The successful completion of the deal would enable the Vector brand to penetrate the large high-end office furniture retail segment in India and overseas. Uniply acquired 100% stake in Mumbai-based Vector Projects, an architectural design and interior outfit company, for a consideration of ₹64 crore on September 1, 2016. Vector has a tie-up with ArtMatrix to provide modular furniture with manufacturing and testing facilities in the South East Asian region. Standalone net profit of Uniply for the third quarter ended December 31, 2016 rose to ₹5 crore from ₹97 lakh. Revenue for the period stood at ₹87 crore against ₹34 crore for the corresponding period last year. — Special Correspondent
