Siab Holdings Berhad (KLSE:SIAB) entered into a share sale agreement to acquire Taghill Projects Sdn Bhd from Chu Yee Hong, Wong Yih Ming and Yap Kek Siung for approximately MYR 120 million on July 18, 2023. As per the transaction, Siab Holdings Berhad will acquire 2 million shares of Taghill Projects Sdn Bhd for MYR 96 million cash and by issuing 200 million shares. The cash consideration of MYR 96 million will be funded from the proceeds to be raised from the Proposed Rights Issue with Warrants. As of December 31, 2022, Taghill Projects Sdn Bhd generated revenue of MYR 399.7 million, profit after tax of MYR 4.4 million
The transaction is subject to approval by regulatory authorities, third party approval, approval by shareholders of Siab Holdings Berhad and consummation of due diligence investigation.
Eco Asia Capital Advisory Sdn Bhd and SYF Resources Berhad (KLSE:M&A) acted as financial advisors to Siab Holdings Berhad (KLSE:SIAB).