Borneo Oil to acquire 22.5% in MTSB

In a filing with Bursa Malaysia, Borneo Oil said the purchase consideration will be satisfied by way of treasury shares transfer and cash from internally generated funds.

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.

In a filing with Bursa Malaysia, Borneo Oil said the purchase consideration will be satisfied by way of treasury shares transfer and cash from internally generated funds.