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.

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