PTT Synergy Group Bhd intends to pay RM152 million for a 100% interest in the construction company Pembinaan Tetap Teguh Sdn Bhd (PTTSB).
Today, it disclosed to the stock market that it has signed a conditional share sale agreement (SSA) with vendors Teo Swee Phin (TSP), Teo Swee Leng (TSL), and Faddly Nordin for the proposed purchase of 25 million common shares, representing a 100% equity stake in PTTSB.
In light of the agreement’s implications for a number of the company’s directors and important shareholders, the planned acquisition is considered to be a related party transaction.
In order to provide impartial advice to the non-interested directors and non-interested shareholders of the firm regarding the proposed purchase, BDO Capital Consultants Sdn Bhd has been appointed.
According to PTT, the planned acquisition is a strategic investment that is being made in line with the group’s goals and plan to expand its construction sector.
The group said that it would also give PTT Group a chance to increase its earnings stream, which is anticipated to improve the financial performance of the expanded PTT Group over the course of the following two fiscal years.
As of March 8, 2023, PTTSB had 11 active construction projects with a total contract value of RM539.85 million.
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Source: The Malaysia Reverse
