Signature International to acquire 51% stake in Space Alliance for RM15.3mil cash

Chiau Haw Choon

KUALA LUMPUR: Signature International Bhd has proposed to acquire 765,000 ordinary shares or 51% equity interest in Space Alliance Contracts Sdn Bhd for RM15.3mil cash to expand into a full-fledged design and build interior fit-out company.

In a filing with Bursa Malaysia, Signature said it had signed a conditional share sale agreement with Chang Chung Fei and Ng Mun Moh to acquire 15.3% and 35.7% respectively in Space Alliance.

The acquisition is expected to be funded via internally-generated funds.

Barring any unforeseen circumstances, the exercise is expected to be completed by the second quarter of 2022.

Space Alliance is a Grade 7 contractor registered with the Construction Industry Development Board (CIDB). It is principally engaged in building construction and renovation works of corporate offices, hospitalities, residences, public amenities and others.

Signature executive director Chiau Haw Choon said the proposed acquisition would enable the company to provide a one-stop design and build solution to its existing customers and also tap into Space Alliance’s commercial fit-out construction market.

He added that the proposed acquisition would also allow Signature to have indirect access to the on-going and future projects of Space Alliance, as well as diversify its customer base.

Since its incorporation, Space Alliance has undertaken and completed approximately RM516.97mil worth of projects; and is currently undertaking approximately RM171.14mil worth of projects with expected completion period between January 2022 up and until September 2023.