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PETALING JAYA (July 25): Aneka Jaringan Holdings Bhd has completed the acquisition of a 51% equity interest in P3 International Sdn Bhd for RM1.02 million in cash, making the target company a subsidiary.
In a Bursa Malaysia filing on Friday (July 24), the group said that following payment of the RM1.02 million purchase consideration to the vendor, Aneka Properties Sdn Bhd, the proposed acquisition was deemed completed on July 24 in accordance with the terms of the share sale agreement (SSA).
The related-party transaction, first announced on July 13, involved the acquisition of 1.02 million ordinary shares in P3 International, representing a 51% equity interest in the company.
When announcing the transaction earlier this month, Aneka Jaringan said the acquisition would expand the group's geographical footprint into Taiwan through P3 International's Taiwan branch (P3 Taiwan), strengthening its presence in the foundation construction sector.
At the time of the July 13 announcement, P3 Taiwan had secured three foundation construction contracts with an aggregate value of approximately TWD305.24 million (RM38.76 million equivalent). The contracts comprise bored piling and retaining wall works for the Taipei MRT Circular Line South Section and the Kaohsiung MRT Metropolitan Yellow Line.
Under the SSA, the vendor and its shareholders jointly guarantee that P3 International will achieve a cumulative audited profit after tax (PAT) of at least RM1 million over the three-year period from Sept 1, 2026 to Aug 31, 2029. Should P3 International fail to meet the guaranteed amount, the vendor and the guarantors are required to compensate Aneka Jaringan for the shortfall in proportion to its 51% shareholding, in accordance with the terms of the SSA.
The acquisition was funded entirely through internally generated funds. According to the July 13 announcement, the transaction's highest applicable percentage ratio was approximately 1.06%, and therefore it did not require shareholders' approval.
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