PETALING JAYA: Aemulus
Corp Sdn Bhd (ACSB), a full subsidiary of Aemulus Holdings Bhd, had agreed to purchase the remaining 60% equity interest in China-based Tangming Shengshi Technology (Jiashan) Co Ltd (TMSS) for a cash consideration of 25 million yuan.
The equity transfer deal, conducted with vendor Tangren Microtelligence Technology (Jiashan) Co. Ltd., assumes an exchange rate of 60.18 sen to one yuan, which implies that the deal will be worth approximately RM15mil.
The acquisition will see TMSS effectively becoming a whole subsidiary of Aemulus, although the group is also proposing to undertake an increase in the capital of TMSS following the transaction.
The acquisition will be financed through internally generated funds as well as the balance of proceeds from a private placement exercise carried out in 2021.
With TMSS having been in the red for the past two financial years, Aemulus believes the proposed acquisition will provide the group full control of TMSS, to strategically plan out the business direction of the latter.
“Aemulus will have the flexibility to identify suitable investors for
TMSS which are aligned with the group’s strategic plans and objectives in respect of TMSS’ operations in China, without the influence of Tangren Microtelligence,” the group said in a bourse statement yesterday.
