Econframe acquires industrial property development firm for RM56mil to diversify business

KUALA LUMPUR: Econframe Bhd is proposing to acquire a 70% stake in ETA World Sdn Bhd (ETAW) from ETA Industries Sdn Bhd for RM56mil, as part of its move to diversify the group’s business into construction services and property development.

In a filing with Bursa Malaysia, Econframe said RM28.1mil will be satisfied in cash and the remaining RM27.9mil shall be satisfied via the issuance and allotment of 30 million new ordinary shares in Econframe at an issue price of 93 sen per consideration share.