PETALING JAYA: Gagasan Nadi Cergas Bhd
’s proposed acquisition of a majority stake in Konsortium PAE Sepakat Sdn Bhd (KPSSB) has become unconditional.
KPSSB is the concessionaire for student hostel facilities in seven polytechnic campuses.
KPSSB is 55.6%-owned by Seri Delima Anggun Sdn Bhd and 44.45% by Serata Ehsan Sdn Bhd.
In a filing with Bursa Malaysia, Gagasan Nadi said the Serata Ehsan share sale agreement became unconditional on Dec 8, after Gagasan Nadi agreed to waive a condition precedent requiring written confirmation from third-party financiers that no amounts were outstanding,
Meanwhile, the Seri Delima Anggun share sale agreement became unconditional, on Dec 4, following shareholder approval at the group’s extraordinary general meeting.
Gagasan Nadi plans to acquire a 45% stake in Seri Delima Anggun for RM47.25mil and 100% of Serata Ehsan for RM80mil.
In a filing last week, Gagasan Nadi said the takeover of KPSSB would bring in a well-established concession portfolio that will boost its recurring revenue through stable, long-term cash generation.
