KUALA LUMPUR: Ekovest Bhd
has proposed to dispose of its entire stake in wholly-owned construction arm, Ekovest Construction Sdn Bhd (ECSB), to Knusford Bhd for RM450mil.
In a recent filing with Bursa Malaysia, the group said it has entered into a binding heads of merger agreement with its major shareholder and group chief executive chairman Tan Sri Lim Kang Hoo and Knusford, which Lim is also a major shareholder.According to Ekovest, Knusford will fund the ECSB acquisition through the issuance of new ordinary shares in Knusford at the proposed issue price of 60 sen per new Knusford share.
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