AWC makes Stream its unit

KUALA LUMPUR: AWC Bhd has proposed to acquire the remaining 49% stake in Stream Group Sdn Bhd from Premium NXL Sdn Bhd (PNSB) for RM110mil.

AWC said in a filing with Bursa Malaysia that it also proposed to acquire 51% equity interest in Premium Patents Sdn Bhd from PNSB and Premium Deluxe Sdn Bhd for RM1.

Premium Patents is presently a 49%-owned associate company of Stream Group, which in turn is a 51%-owned subsidiary of AWC.

It said the purchase consideration was arrived at on a willing-buyer, willing-seller basis.

Upon completion of the acquisitions, Stream Group would become a wholly-owned subsidiary of AWC, allowing AWC to streamline and fully consolidate the financial performance of Stream Group.