KUALA LUMPUR: Ann Joo Resources Bhd
has proposed to acquire 67,500 ordinary shares, representing a 45% stake in Konsortia Etiqa Sdn Bhd (KESB) for RM96mil cash.
In a filing with Bursa Malaysia, Ann Joo said its wholly-owned subsidiary Ann Joo Management Services Sdn Bhd (AJMS) entered into a share purchase agreement (SPA) with Datuk Ong Tee Thong for the proposed acquisition.
Upon completion of the shares Acquisition, KESB shall become a wholly owned subsidiary of the company with AJMS and Ann Joo Steel Bhd (AJSB), a wholly owned subsidiary of the company, holding 96% and 4% of the shares in KESB respectively.
Before the acquisition, AJMS held a 51% stake in KESB, while Ong held 45% and AJSB held 4%.
It said that the acquisition will be funded by the group's internally generated funds.
“The transaction is expected to unlock further value by leveraging AJMS’ controlling position to enhance decision-making efficiency and drive future growth,” it said.
