Oriental Holdings Berhad (KLSE:ORIENT) entered into an agreement to acquire additional 25% stake in Armstrong Auto Parts Sdn Bhd (Penang) from Honda Motor Co., Ltd. (TSE:7267) for MYR 2.9 million on November 16, 2017. Upon completion, Oriental Holdings Berhad will hold 82.14% stake in Armstrong Auto Parts Sdn Bhd (Penang). In a related transaction, Oriental Holdings Berhad entered into an agreement to acquire additional 23.62% stake in Armstrong Auto Parts Sdn Bhd from Honda Motor Co., Ltd. for MYR 1 on November 16, 2017. The transaction will be funded from internal generated funds. For the year ended December 31, 2016, Armstrong Auto Parts Sdn Bhd (Penang) reported net liabilities of MYR 8.64 million. The transaction is not subject to approval from shareholders of Oriental Holdings Berhad and other authorities. The transaction is expected to be close by first quarter of 2018. The transaction will not have any impact of issued and paid up capital, net assets and gearing, and earnings for the financial year ending December 31, 2017 of Oriental Holdings Berhad.

Oriental Holdings Berhad (KLSE:ORIENT) completed the acquisition of additional 25% stake in Armstrong Auto Parts Sdn Bhd (Penang) from Honda Motor Co., Ltd. (TSE:7267) on January 12, 2018.