Handal acquires crane company for RM8mil

Handal cranes

PETALING JAYA: Handal Energy Bhd is proposing to acquire a 30% stake in crane and lifting solutions provider Tenzin Heavy Machinery (M) Sdn Bhd for RM8mil.

In a filing with Bursa Malaysia, Handal said it had entered into a share sale and purchase agreement with Tenzin’s shareholders, namely, Datin Tee Bee Geok and KSP Vista Sdn Bhd, for the proposed acquisition.

“The proposed acquisition is a strategic move by Handal, which would offer numerous benefits to the group’s existing business activities including aligned strategic direction, market expansion, operational efficiencies, access to resources, and improved financial performance.

“Barring any unforeseen circumstances, the board believes that the proposed acquisition may potentially augur well for the future growth prospects of the group,” it said.

Handal said the proposed acquisition is expected to be completed before or by July 2024.