Handal buying crane company for RM8mil

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.

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 proposal is a strategic move by Handal, which would offer numerous benefits to the group’s existing activities including aligned strategic direction, market expansion, operational efficiencies, access to resources and improved financial performance,” it said in a filing with Bursa Malaysia.

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