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- This is to allow more time for the company to discuss, negotiate and finalise the terms of the definitive agreement to be executed between the parties. The initial deadline was July 28 this year.
KUALA LUMPUR (July 25): Ekovest Bhd (KL:EKOVEST) and its major shareholder Tan Sri Lim Kang Hoo have mutually agreed to an extension to Aug 29 to finalise the proposed RM1.15 billion acquisition of Credence Resources Sdn Bhd (CRSB).
This is to allow more time for the company to discuss, negotiate and finalise the terms of the definitive agreement to be executed between the parties. The initial deadline was July 28 this year.
The proposed acquisition would be satisfied via the issuance of new Ekovest ordinary shares at 60 sen each.
MBSB Investment Bank Bhd has been appointed as the principal adviser, while Astramina Advisory Sdn Bhd serves as the financial adviser for the proposed acquisition.
CRSB’s shareholders are Kang Hoo (90%), Ekovest managing director Tan Sri Lim Keng Cheng (5%), and executive director Datuk Lim Hoe (5%).
CRSB holds a 63.13% stake in Iskandar Waterfront Holdings Sdn Bhd (IWH), which owns 34.29% of Iskandar Waterfront City Bhd (KL:IWCITY).
Ekovest has previously said that the acquisition will provide an opportunity for the group to expand its property development segment via access to the landbank of CRSB and its group of companies (including those held through IWH and IWCity) that spans across 4,212 acres in Johor.
Ekovest closed unchanged on Friday at 40 sen, bringing the group a market capitalisation of RM1.19 billion.
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