PETALING JAYA: Ann Joo Resources Bhd
’s wholly-owned subsidiary, Ann Joo Management Services Sdn Bhd, has entered into a share purchase agreement with Datuk Ong Tee Thong to acquire the remaining 67,500 ordinary shares in Konsortia Etiqa Sdn Bhd (KESB) for a cash consideration of RM96mil.
In a filing with Bursa Malaysia, the group said the purpose of the acquisition is to align ownership interests and streamline management within KESB and its subsidiary to ensure greater operational strategy.
“The transaction is expected to unlock further value by leveraging Ann Joo’s controlling position to enhance decision-making efficiency and drive future growth,” it said.
Upon completion of the acquisition, KESB will become a wholly-owned subsidiary of the group.
It added the cash consideration was arrived at on a “willing buyer, willing seller” basis after taking into consideration the earnings and capital appreciation of KESB’s assets and financial position.
