SAAG upbeat on Beta and expects recurring income over the next 20 years from acquisition

PETALING JAYA: SAAG Consolidated (M) Bhd's acquisition of Beta Asset Sdn Bhd for RM110mil will provide it with recurring income over the next 25 years. Together with its debt restructuring plan, SAAG will go back to the black by its financial year ended Dec 31, 2015, said SAAG's chief executive officer Anand Subramanian.

“Under our debt restructuring exercise, we have three to four investors whom we are at an advanced stage of discussions with to take up our restricted offer for sale (ROS). One of them is a New York-based fund, while the others are local private investors. If a single shareholder takes up the entire ROS, he will end up as a substantial shareholder with about 30% stake,” Anand told reporters after the company EGM yesterday where shareholders approved its debt restructuring plan.