PETALING JAYA: Ocean Vantage Bhd (OVB) has proposed to diversify into construction through the purchase of Bina Gemilang Bersatu Sdn Bhd (BGB) for RM10mil from Kenny Ronald Ngalin and George Henry.
In a filing with Bursa Malaysia, OVB stated the amount will be settled through the issuance of 50 million new OVB shares at 20 each.
Kenny is the managing director and shareholder of OVB, an oil and gas support services provider. Post completion, BGB will become a wholly-owned subsidiary of OVB.
OVB has appointed Malacca Securities as independent adviser to guide non-interested directors and shareholders on the corporate exercise.
BGB comes with a net profit guarantee of not less than RM2mil for the financial year Dec 31, 2026.
