CGB to buy rest of 30% stake in RYRT

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.

CGB would be able to recognise 100% of RYRT’s financial results thus increasing the net profit attributable to its shareholders, the company said.