Grand-Flo to buy over ISB takeover for RM22m

Grand-Flo Bhd is intending to acquire the remaining 50% stake in Innoceria Sdn Bhd (ISB) for RM21.9 million as it looks to diversify into the construction business.
 
In an exchange filing yesterday, the enterprise data collection and property developer noted it will buy the stake from Chuah Chew Hai.
 
Grand-Flo had acquired a 50% stake in ISB for RM15 million back in August 2014, thus marking the group’s foray into the  property business.
 
The new deal will see Grand-Flo assume control over ISB’s Vortex Business Park Project in Penang – a mixed development which has a remaining gross development value of RM88.17 million following completion of the second phase of the project by June, 2020.

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