KUALA LUMPUR: Out-of-home (OOH) media company Seni Jaya Corp Bhd
’s shareholders have approved the company’s proposed acquisitions of Unilink Outdoor Sdn Bhd and Vision OOH Sdn Bhd for a total of RM57.85 million.
Seni Jaya said the approval was obtained at the company’s extraordinary general meeting (EGM).
Seni Jaya said the acquisition of Unilink for RM39.5 million will be satisfied via RM11.85 million in cash and RM27.65 million through the issuance of 87.5 million new shares at an issue price of 31.6 sen per share.
The acquisition of Vision OOH, valued at RM18.35 million, will be fully satisfied through the issuance of 58.07 million new shares at the same issue price.
In total, 145.57 million new shares will be issued as consideration for both acquisitions, Seni Jaya said in a statement. "The equity-based structure aligns the vendors directly with the long-term performance of the enlarged group while preserving cash resources and maintaining financial flexibility,” it added.
Seni Jaya also said shareholders approved a proposed private placement of up to 64.06 million new shares, representing up to 30 per cent of its existing issued share capital, to independent third-party investors to be identified later. The issue price for the placement shares will be determined at a discount of not more than 20 per cent to the five-day volume-weighted average market price before the price-fixing date.
Proceeds from the private placement will be used to fund the cash portion of the Unilink acquisition, support working capital requirements, finance office renovation, and defray related expenses, according to the company.
"The proposed acquisitions of Unilink and Vision are supported by a clear strategic and financial rationale. "Since the commencement of collaboration with Unilink and Vision in 2021, their contributions have supported the group’s growth trajectory, with revenue rising from RM8.7 million in 2021 to RM37.9 million in 2022,” Seni Jaya said.
The company added that the acquisitions are expected to expand its billboard network from 270 to 458 units, strengthening its nationwide presence.
Chief executive officer Jeff Cheah See Heong said the approval reflects a shared conviction that expanding its asset base and strengthening its nationwide footprint will position Seni Jaya for sustainable growth.
"With Unilink and Vision integrated into our portfolio, we will benefit from a broader premium
billboard network, deeper client relationships, and improved operational synergies. Shareholders recognise that this enlarged platform enhances our ability to capture industry recovery and structural shifts toward high-impact OOH and digital OOH formats,” he added. - Bernam
