PETALING JAYA: Econframe Bhd
is proposing to fully acquire Ivory Pearl Sdn Bhd (IPSB) for a total purchase price of RM56mil, to be settled through a combination of cash and consideration shares.
In a filing with Bursa Malaysia yesterday, the total door system solutions provider said it would be purchasing 7,081,321 ordinary shares in IPSB with a RM46,672,545 cash consideration, with the remaining RM9,327,455 to be settled via the issuance and allotment of 16,500,000 consideration shares of Econframe at an issue price of RM0.5653 per share.
The group is purchasing IPSB equities from 10 of the latter’s shareholders.
Should the acquisition materialise, Econframe intends to change the financial year end of IPSB from Dec 3 to Aug 31, to be in line with the former’s own financial year.
