Categories: BusinessNews

ACME acquires 50% stake land holder for RM22.4m

ACME Holdings Bhd is acquiring one ordinary share, representing 50% equity in Pedoman Canggih Sdn Bhd, for RM22.4 million.

The acquisition agreement was signed today with Bon Holdings Sdn Bhd as the vendor.

The principal asset of Pedoman Canggih is a freehold piece of land in Penang, valued at RM67.3 million, based on an independent valuation.

The acquisition will be financed through a combination of internally generated funds and bank borrowings.

Pedoman Canggih has primarily been an investment holding company, and its financial statements for 2023 show a net loss of RM34,056 and liabilities of RM5.7 million.

The land held by Pedoman Canggih is intended for property development, aligning with ACME’s strategic goal of expanding its property development activities.

While there are some risks associated with the acquisition, including the potential non-fulfillment of acquisition terms and concerns over cash flow, ACME believes that the acquisition will support the company’s long-term growth prospects.

The transaction is not expected to impact ACME’s share capital or earnings in the short term.

However, the future development of the land may contribute to ACME’s earnings. The acquisition is expected to be completed by the first half of 2025. — TMR

RELATED ARTICLES

Zukri

Recent Posts

Malaysian Pacific Industries 2Q net profit rose 24.5% to RM40m

MALAYSIAN Pacific Industries Bhd (MPI), a semiconductor manufacturer which is anticipating continued uncertainty for the…

10 mins ago

MQ Tech plans to acquire another slice of land in Melaka

A UNIT of MQ Tech Bhd has entered into a conditional sale and purchase agreement…

30 mins ago

ManagePay Systems lands ferry ticketing system contract for Penang Port

ManagePay Systems Bhd (MPay) has won a contract for payment devices at Penang Port's ferry…

51 mins ago

Mastercard faces scrutiny over £200m deal in £10b case

MASTERCARD Inc. “skillfully maneuvered” the claimant and his lawyers to settle what was once a…

54 mins ago

Trump floats 25% tariffs on US auto, drug, chip imports

PRESIDENT Donald Trump said he would likely impose tariffs on automobile, semiconductor and pharmaceutical imports…

1 hour ago

Glamping retreat for Indonesia leaders sparks criticism as cuts bite

JAKARTA – The Indonesian government will host a week-long mountain glamping retreat for hundreds of…

1 hour ago