Advancecon in talks for M&A deals

The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia's Berjaya Corporation Bhd - told Reuters that if the ruling was upheld, she had little hope of recouping her bank's $10 million from the perpetrator, who was sentenced to life imprisonment. "We can't afford to lose the case. This represents 70 percent of our capital. Our business may get suspended," Josephine Yei said in an interview.

KUALA LUMPUR: Earthworks and civil engineering services provider specialist Advancecon Holdings Bhd is currently in talks with companies for potential mergers and acquisitions (M&A).

Speaking at the sidelines of Invest Malaysia 2019, Advancecon chief operating officer Yeo An Thai told StarBiz that the company is looking to diversify its businesses horizontally or in the downstream segment.

“The companies that we are interested in are those that offer geotechnical and piling services, or even those involved in super structures, like the construction of bridges.

“The potential M&A shall enable us to widen our scope as an earthworks specialist.

“We are still looking for prospective companies, and it will be ideal to find companies that can provide synergies to our current business as well as high margins and recurring income,” he said.

As an example, a quarry or mining business would be able to offer recurring income and utilise Advancecon’s machineries.