PETALING JAYA: Binastra Corp Bhd is acquiring a 51% equity interest in LF Lansen Sdn Bhd for up to RM44.8mil in cash, to be paid in three stages.
In a statement, Binastra said that for the first stage, it will acquire a 40.8% equity interest in LF Lansen for RM15mil.
Out of that, RM12.8mil will be used to subscribe for new LF Lansen shares (for 34.8% in the enlarged share capital) and the balance RM2.2mil will be via the acquisition of shares from the vendor (for 6% equity interest in the enlarged share capital).
In the second stage, as part of the transaction, Binastra has been granted a call option to acquire an additional 10.2% equity interest in LF Lansen from the vendor at a valuation based on eight times the price-to-earnings multiple of its financial year ended March 31, 2025 audited profit after tax, whereby the exercise price is capped at RM8.7mil.
“The call option is exercisable at any time from the availability of the audited accounts of LF Lansen for the financial year ended March 31, 2025 up to Dec 31, 2025.
“Upon exercise of the call option, Binastra would hold a 51% controlling interest in LF Lansen.”
LF Lansen specialises in the provision of thermal energy storage systems for district cooling plants and buffer tanks for data centres as well as the provision of engineering, procurement, construction and commissioning services for industrial ventilation, air-conditioning and mechanical ventilation which are primarily used for commercial and industrial buildings.
