KUALA LUMPUR: GFM Services Bhd
has entered into a heads of agreement with Shapadu Corp Sdn Bhd and its wholly-owned subsidiary Shapadu Energy Sdn Bhd to potentially acquire a 45% stake in Shapadu Energy for RM30mil cash.
Under the proposed acquisition, GFM will subscribe to new ordinary shares in Shapadu Energy for RM10mil, representing 15% equity stake, as well as acquire 30% of equity interest directly from Shapadu Corp for RM20mil.
