Tex Cycle Technology proposes to buy Meridian World for RM55mil

KUALA LUMPUR: Tex Cycle Technology (M) Bhd has proposed to acquire the entire equity interest in Meridian World Sdn Bhd for RM55mil cash.

In a filing with Bursa Malaysia, Tex Cycle said it had entered into a binding term sheet with Yang Wu-Hsiung, Amia Co Ltd, Beltrax Engineering Sdn Bhd, Good Credentials Sdn Bhd, Panbright Holdings Sdn Bhd, Peninsular Accord Sdn Bhd, Scientidex Sdn Bhd, Sunrise Majusama Sdn Bhd, Wong Mei Hwa and Yang Chueh-Kuang to negotiate the detailed terms and conditions to be contained in a definitive share sale agreement for the proposed acquisition.