KUALA LUMPUR: Bina Puri Holdings Bhd
(BPHB) has entered into a conditional share sale and purchase agreement to acquire the entire equity interest in Enforture (Sarawak) Sdn Bhd for an initial RM100,000 and a profit-linked deferred consideration.
In a filing with Bursa Malaysia, the group said it entered into a conditional share sale and purchase agreement (SPA) with Ng Tze Wei and Ng Qing Xiang for the proposed acquisition of 300,000 ordinary shares.
Enforture Sarawak will become a wholly owned subsidiary upon completion. The Kuching-based firm is involved in engineering, design and construction of water and wastewater treatment plants, including projects in Julau, Song, Kapit, Saratok and Serian.
BPHB said the RM100,000 price was agreed on a willing-buyer willing-seller basis, taking into account the company’s net assets, project involvement and technical capabilities.
The vendors may receive up to RM15mil or 40% of the collected net project profit, whichever is lower. The deferred payment will only be made upon realised and collected profits.
Based on preliminary estimates, Enforture Sarawak’s projects have a combined value of RM192.82mil, with projected profit before tax of RM52.86mil and profit after tax of RM40.17mil over two years, subject to due diligence and execution.
BPHB said the acquisition supports its restructuring efforts to strengthen water infrastructure capabilities and improve project execution.
