Waja Konsortium Berhad (KLSE:WAJA) entered into an agreement to acquire 51% stake in Oceantec Sdn Bhd from Liu Sai Sum, Ooi Jen Liang and Tan Chai Yoong for MYR 2.55 million on April 10, 2023. Waja Konsortium Berhad will acquire 51,000 shares in Oceantec Sdn Bhd for cash. The Purchase Consideration shall be funded through internally generated funds. The transaction is conditional upon Waja having obtained the directors? resolution for the execution of the agreement, the Vendors having obtained the written consent from the financiers and creditors of Oceantec for the sale and transfer of the Sale Shares to Waja, the Vendors shall procure and ensure that all the licenses, approvals, permits, authorizations and consents that are required for its business operation have been obtained and Waja being satisfied in all respects with the results of the legal and financial due diligence reviews and other inquiries and investigations into the business, matters and affairs of Oceantec. Oceantec Sdn Bhd recorded revenues of MYR 1.75 million, Profit after tax of MYR 0.25 million and Net assets of MYR 0.34 million as of December 31, 2022. The Proposed Oceantec Acquisition is expected to be completed by second quarter of 2023.

Waja Konsortium Berhad (KLSE:WAJA) completed the acquisition of 51% stake in Oceantec Sdn Bhd from Liu Sai Sum, Ooi Jen Liang and Tan Chai Yoong on August 2, 2023.