KUALA LUMPUR, Dec 16 — Puncak Niaga Holdings Bhd (Puncak Niaga) has proposed to acquire TRIplc Bhd (TRIplc) from Pimpinan Ehsan Bhd (Pimpinan Ehsan) for RM210 million.
In a statement to Bursa Malaysia today, Puncak Niaga said the proposed acquisition entails the acquisition of the entire issued and paid-up share capital of TRIplc from Pimpinan Ehsan, free from encumbrances, together with all rights, interest, benefits, title to and entitlements.
Puncak Niaga said the rationale for the acquisition is to enhance its construction revenue and long-term growth prospects and that of its subsidiaries.
“The company has been exploring opportunities to increase income stream and minimise dependency on the existing water, wastewater related and oil and gas business,” it added.
TRIplc will be undertaking an internal reorganisation which involves a proposed share exchange with Pimpinan Ehsan of new ordinary shares of RM1 each on the basis of one-to-one in line with the proposal.
It will also involve a proposed transfer of TRIplc’s listing status at Bursa Malaysia to Pimpinan Ehsan.
“Upon completion of the proposed TRIplc internal reorganisation, it will be a wholly-owned subsidiary of Pimpinan Ehsan, which will be listed instead of TRIplc,” it said.
Puncak Niaga said the purchase consideration of the construction and property firm will be funded by its internal funds and/or borrowings and the breakdown has not been determined as of now. — Bernama