Ancom Logistics to acquire environment solutions firm in RM120mil deal

Ancom Nylex managing director and group CEO Lee Cheun Wei

KUALA LUMPUR: Ancom Logistics Bhd (ALB) has proposed to acquire the entire share capital of Green Lagoon Technology Sdn Bhd for RM120mil, in exchange for one billion new shares in ALB at an issue price of 12 sen per share.

In separate announcements filed with Bursa Malaysia, ALB and its holding company Ancom Nylex Bhd said the purchase comes with a profit guarantee that Green Lagoon will contribute at least RM8mil profit after tax for the first full financial year after the proposed acquisition, and no less than RM10mil profit after tax for the second full financial year. Any shortfall will be compensated by the vendors to ALB in cash.