Gabungan AQRS plans to acquire Monolight for RM26mil

Gaining control: The move is seen as another milestone and part of Gabungan

PETALING JAYA: Construction and property development firm Gabungan AQRS Bhd is acquiring an industrialised building system (IBS) company that is majority owned by Nirvana Asia Ltd founder Tan Sri Kong Hon Kong, to be paid in Gabungan shares.

According to a filing with Bursa Malaysia last Friday, the total purchase consideration for Monolight IBS Building System Sdn Bhd, which amounts to RM26.02mil, will be satisfied entirely through an issuance of 19.56 million new ordinary shares in Gabungan at an issue price of RM1.33 per share.