PETALING JAYA: Property developer Axteria Group Bhd
(AGB) is proposing to acquire an 80% stake in construction firm Niaga Sari Sdn Bhd (NSSB) for RM35mil.
In a filing with Bursa Malaysia, AGB said it is acquiring the stake from Datuk Chan Chee Hong, Gwi Chin Fatt, Datuk Wong Gian Kui, Periasamy Ganapathy, Gwi Xian Yi, Gwi Huan Yi and Chan Khai Young.
“AGB Group is of the view that the proposed acquisition of NSSB would complement its existing property development and property management business by supporting the group’s strategic pursuit of land acquisitions and joint ventures across Malaysia.
“Upon completion of the proposed acquisition, the AGB Group is expected to strengthen its sustainable portfolio and enhance its long-term value creation initiatives.”
AGB said the purchase consideration is expected to be fully funded via a combination of bank borrowing and / or internally-generated funds of the company.
“NSSB has in place a secured orderbook for two ongoing projects and one project to commence which upon completion of the proposed acquisition, are expected to augur well for the group’s earnings.”
