UEM Edgenta acquires majority stakes in two UAE-based companies for RM55.1mil

KUALA LUMPUR: UEM Edgenta Bhd’s indirect wholly-owned subsidiary Edgenta International Investments LLC (EII) has entered into a sale and purchase agreement and shareholders’ agreement with UAE-based NW Kaizen Holding Ltd to acquire 60 per cent equity interests in Kaizen Owner Association Management Services LLC (KOA) and Kaizen AMS Property Supervision LLC (KAMS).

In a filing with Bursa Malaysia today, UEM Edgenta said the acquisition would be for AED43.2 million (RM55.1 million) in cash.

It added that the sale and purchase agreement would be completed on the second business day after EII received the amended commercial licences of Kaizen Group to reflect the transfer of the sale shares or such other time parties may agree.

UEM Edgenta said the proposed acquisition was with the vision of Edgenta of the Future 2025 to expand its regional footprint and enhance product and technology proposition in high-growth markets such as Dubai and the wider United Arab Emirates (UAE).

"With UEM Edgenta’s existing presence in the UAE facilities management through Operon Middle East, the proposed acquisition presents an opportunity to integrate and deliver a real estate services platform by combining property management and facilities management across real estate services value chain for the UAE market and potentially expanding to the wider Gulf Cooperation Council (GCC) region,” it added.

Operon Middle East is UEM Edgenta’s wholly-owned subsidiary.

UEM Edgenta said the platform would benefit Operon through enlarged access to clients with potential revenue and cost synergies and address the emerging lifestyle needs of residents, tenants and property owners.

It said the proposed acquisition is expected to be completed by the first quarter of 2024. - Bernama

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

UEM Edgenta , UAE , acquisition


Next In Business News

KLK redesignates Lee Oi Hian as executive chairman
Sunway optimistic of 2024 financial performance
Hong Leong Industries posts higher 2Q net profit of RM102.47mil
Sunway Construction bags contract worth RM720.98mil
Ringgit ends slightly higher versus US dollar and basket of major currencies
Sunway Property aims to achieve RM2.6bil in sales this year
Optimistic outlook for Daythree
Berjaya Food impacted by boycott
Rimbunan Sawit to dispose of agricultural land in Miri for RM165mil
Avaland plans to launch projects with RM1.4bil in GDV

Others Also Read