Coastal Contracts acquires stake in Sabah-based firm for RM18.98mil

KUALA LUMPUR: Coastal Contracts Bhd is acquiring an 82% stake in Sabah-based Jewel Of Mabul Development Sdn Bhd (JOMD) for RM18.98mil as part of its growth strategy to diversify its income stream and venture into the tourism industry.

In a filing with Bursa Malaysia, Coastal Contracts said its wholly-owned subsidiary, Coastal Hospitality Holdings Sdn Bhd (CHH), had entered into a share sale agreement and a shareholders agreement to acquire 100,000 shares in JOMD from Richard Christopher Barnes.