NCT Alliance gets nod for acquisition

From left: Yap Chui Fan, Independent, Non-Executive Director of NCT Alliance, Sae- Yap Atthakovit, Non-Independent, Non-Executive Director, Datuk Joe Yap Fook Choy, Group Executive Director, Datuk Sri Yap Ngan Choy, Executive Chairman and Group Managing Director, Allen Yap Kuan Kee, Independent, Non-Executive Director, Loo Hui Yan, COSEC and Eng Kim Haw, Chief Financial Officer of NCT Alliance during the EGM.

PETALING JAYA: NCT Alliance Bhd yesterday secured shareholders’ approval at its EGM for the acquisition of NCT World Sdn Bhd, marking a significant milestone in the group’s expansion journey.

In a statement, the company said all four resolutions tabled were passed, reflecting strong shareholder support for NCT Alliance’s long-term growth strategy.

Among the key resolutions approved was the proposed acquisition of 100% equity interest of NCT World Sdn Bhd, for a total purchase consideration of up to RM490.3mil.

This will be satisfied through the issuance of up to 104.2 million new ordinary shares and 917.2 million new redeemable convertible preference shares, both at an issue price of RM0.48 per share.

It said the acquisition will bolster NCT Alliance’s development pipeline by adding two major industrial projects, NCT Smart Industrial Park and NCT InnoSphere to its portfolio.