SC gives nod to reverse takeover of SYF Resources by M&A Securities

KUALA LUMPUR: SYF Resources Bhd has obtained conditional approval from the Securities Commission (SC) for a reverse takeover by stockbroking firm M&A Securities Sdn Bhd.

In a statement, the furniture maker said the reverse takeover will see SYF acquiring 100% of M&A Securities for RM222mil, which will be satisfied via the issuance of 1.009 billion SYF shares to the latter's parent, Insas Bhd, at 22 sen each.