CIMB raises stake in Touch ‘n Go

KUALA LUMPUR: CIMB Group Holdings Bhd has proposed to raise its equity interest in Touch ‘n Go Sdn Bhd (TnG) from 20% to 52.22%.

The transaction involves CIMB SI 1 Sdn Bhd, a company wholly-owned by CIMB Group, acquiring 32.22% equity interest in TnG from UEM Group Bhd and UEM Builders Bhd for RM53.8mil.

The share purchase agreement was signed yesterday.

Baring any unforeseen circumstances, the proposed transaction is expected to be completed in the first quarter.

Upon completion, UEM Group would retain a 20% stake in TnG while MTD Capital Bhd the balance 27.78%. — Bernama

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