Ehsan Bhd for RM210 million. In a statement to Bursa Malaysia last Friday, Puncak Niaga said the proposed acquisition entails the acquisition of the entire issued and paid-up share capital of TRIplc from Pimpinan Ehsan, free from encumbrances, together with all rights, interests, benefits, titles and entitlements.
Puncak Niaga said the rationale for the acquisition is to enhance its construction revenue and long-term growth prospects and that of its subsidiaries.
“The company has been exploring opportunities to increase income stream and minimise dependency on the existing water, wastewater related, and oil and gas businesses,” it added.
TRIplc will be undertaking an internal reorganisation which involves a proposed share exchange with Pimpinan Ehsan of new ordinary shares of RM1 each on the one-to-one basis in line with the proposal. — Bernama