GE-Shen Corporation Berhad agreed to acquire 40% stake in Local Assembly Sdn Bhd from Chai Voon Sun, Gurmakh Singh A/L Ajmer Singh and Wee Thian Song for MYR 48 million.

GE-Shen Corporation Berhad (KLSE:GESHEN) agreed to acquire 40% stake in Local Assembly Sdn Bhd from Chai Voon Sun, Gurmakh Singh A/L Ajmer Singh and Wee Thian Song for MYR 48 million on March 4, 2024. The consideration consists of MYR 48 million in cash. As part of the consideration, MYR 48 million was paid towards common equity.

Proceeds will fund the said acquisition, repayment of bank borrowings and utilize as working capital. The anticipated completion of the proposed acquisition is slated for the second half of 2024. M&A Securities Sdn Bhd acted as Financial advisor to Local Assembly Sdn Bhd.