Shin Yang buys firms for RM145mil

PETALING JAYA: Shin Yang Group Bhd has entered into two conditional share sale agreements for the acquisition of four companies for RM144.5mil.

In a filing with Bursa Malaysia, the shipping group announced that it had entered into a conditional share sale agreement with Shin Yang Holding Sdn Bhd, KTE Motors Sdn Bhd and Ling Chiong Sing to acquire a 100% equity interest in Boulevard Jaya Sdn Bhd.

Shin Yang Group also entered into a conditional share sale agreement with Dwi Bumijaya Sdn Bhd to acquire 60% equity interest in Boulevard Motor Sdn Bhd, Boulevard Motor (Sabah) Sdn Bhd and Boulevard Motor (Labuan) Sdn Bhd.

To be satisfied via a combination of cash and treasury shares held by the company, Shin Yang Group said the proposed acquisition entails the acquisition of companies with established businesses in the automotive industry and financial track record which will provide an immediate boost to the earnings of the company.