Central Global gets shareholders’ nod for RYRT International acquisition


KUALA LUMPUR: Central Global Bhd’s (CGB) shareholders have approved the acquisition of the remaining 30% stake, or 600,030 ordinary shares in RYRT International Sdn Bhd for RM13.26mil.

In a statement, CGB said the RM13.26mil purchase consideration would be satisfied through the issuance of 10.2 million new ordinary shares in CGB at an issue price of RM1.30 per consideration share.

Upon completion of the acquisition, CGB will see a change in its group structure with the entry of RYRT International as its wholly-owned sub-subsidiary.

“This will in turn allow CGB to recognise 100% of RYRT International’s financial results thus increasing the net profit attributable to its shareholders,” CGB said.

RYRT International is currently CGB’s largest profit contributor having contributed approximately 94% to the group’s net profit for the financial year ended Dec 31, 2022.

The group’s current tender book stands at approximately RM4.4bil while its order book stands at RM307.6mil.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

MN Holdings bags RM136mil substation job
AME-REIT eyes Iskandar M’sia properties
PKNS aims to be more commercially driven, grow revenue by 2030
AAX carries 880,265 passengers in 2Q24
Malaysia investment gateway to Asean
UP focuses on improving productivity
BAT Malaysia 2Q net profit at RM36mil
Bursa ends weaker in sync with regional peers
Atos CEO departs, deal with creditors moves ahead
S. Korea’s OCI considers listing Malaysian unit

Others Also Read