PETALING JAYA: Advancecon Holdings Bhd
has received the greenlight from its shareholders to acquire a controlling stake in quarry operator Spring Energy Resources Bhd for RM30.4mil.
In a filing with Bursa Malaysia, Advancecon said it received unanimous vote from its shareholders at an EGM to buy a 51% stake in Spring Energy and diversify into quarry operations. It would be satisfied via RM15.2mil cash and the remaining RM15.2mil via the issuance of 33 million new Advancecon shares to vendor Fook Hua Holdings Sdn Bhd at an issue price of 46 sen per share.
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