PTT Synergy acquires building firm

PETALING JAYA: PTT Synergy Group Bhd has proposed to acquire 100% equity interest in Pembinaan Tetap Teguh Sdn Bhd (PTTSB) for RM152mil.

The construction company, in a Bursa Malaysia filing, said it had entered into a conditional share sale agreement with Teo Swee Phin, Teo Swee Leng and Faddly Nordin for the proposed acquisition of 25 million ordinary shares, or 100% equity interest, in PTTSB.

PTT said the proposed acquisition is deemed to be a related-party transaction in view of the interests of certain directors and major shareholders of the company in the proposed acquisition.

PTT said the proposed acquisition comes with a profit guarantee of RM34mil on an aggregate basis.

The cumulative profit guarantee will be divided over a period of two years resulting in an average annual profit guarantee of RM17mil. As at March 8, PTTSB had 11 ongoing construction projects with an aggregate contract value of RM539.85mil.

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PTT , shares , acquisition , profitguarantee


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