Borneo Oil acquires 22.5% in MTSB for RM73.56mil

KUALA LUMPUR: Borneo Oil Bhd has entered into a sale of shares agreement with MT 23 Resources Ltd (MT 23) to acquire 28.36 million shares, or 22.49% of the existing equity interest in Makin Teguh Sdn Bhd (MTSB), a manufacturer of clinker and cement products, for RM73.56mil.

Borneo Oil, in a filing with Bursa Malaysia, said the purchase consideration was on a willing-buyer-willing-seller basis. It would be satisfied by way of treasury shares transfer and cash from internally generated funds.