KUALA LUMPUR: Investment holding company Global Oriental Bhd
has proposed to acquire 550,000 shares or 55% of Edisijuta Parking Sdn Bhd (Edisijuta) for RM27.5mil cash from Cahaya Impian Sdn Bhd.
In a filing with Bursa Malaysia, the company said the acquisition would enable it to expand its earnings base in the form of a recurrent stable income generated by the car park management and operations business of Edisijuta.
Global Oriental’s revenue is mainly derived from its property development segment, recording RM373.79mil for the financial year ending March 31, 2023.
“By undertaking the proposed acquisition, Global Oriental will obtain a separate and more recurring revenue stream to supplement its property development business,” it said.
Global Oriental said for the financial year ended Dec 31, 2022, Edisijuta recorded revenue of RM50.95mil, net profit of RM5.05mil and cash generated from operating activities of RM5.34mil. — Bernama
