Seal Incorporated Bhd is set to acquire an additional 10% stake in solar energy specialist MSR Green Energy Sdn Bhd (MSRGE) for RM21 million, raising its ownership from 20% to 30%.

The acquisition involves purchasing a 7.1% stake from Ong Kah Hui for RM14.88 million and a 2.9% stake from Qiang Xiao Yu for RM6.11 million.

Seal will fund the purchase with a RM3 million refundable cash deposit and RM18 million through new share issuance.

The deal is a related party transaction, as MSR is partly owned by KVC Corp Sdn Bhd, linked to Seal’s major shareholder Aaron Chen Khai Voon.

Seal’s shares rose by 5.43% to close at 68 sen today, valuing the group at RM285.8 million. –TMR