PETALING JAYA: Kelington Group Bhd
(KGB) has entered into a conditional share sale agreement with Palace Star Sdn Bhd, Chong Ann Tsun and Alan Lim Chui Boon for the proposed acquisition of 2.54 million shares, or 9.29% stake, in Ace Gases Sdn Bhd (AGSB) for RM35.69mil.
In a filing with Bursa Malaysia, KGB said AGSB is a 90.71%-owned subsidiary company of KGB.
It constitutes the industrial gases business division of KGB, which are principally involved in the provision of engineering services and construction focusing on ultra-high purity gas and chemical delivery solutions and general contracting.
“The proposed acquisition will allow KGB to obtain full control of AGSB, which will provide greater flexibility in the planning and implementation of long-term strategies for its business and services to enhance its growth potential.”
