PETALING JAYA: Seal Incorporated Bhd
, its wholly owned unit, Daiman Majumas Sdn Bhd and its 80% owned Mutiara Waterfront Habitats Sdn Bhd (MWHSB) has entered into a conditional subscription cum shareholders agreement with Biopolis Group Sdn Bhd and Titanium Greenview Sdn Bhd (TGSB).
In a filing with Bursa Malaysia, Seal noted the deal sees Daiman buys 20% stake in MWHSB from Biopois, which will see Seal’s equity interest in MWHSB reduced to 17.66%.
TGSB will then subscribe to 9.3 million new MWHSB for RM9.3mil and hold a 82.34% stake. MWHSB is undertaking land reclamation work in Penang and the deal sees TGSB funding such future works.
Seal said the deal realigned with its strategic direction to improve business resilience and generate more consistent revenue and profits.
