KUALA LUMPUR: SYF Resources Bhd
has obtained conditional approval from the Securities Commission (SC) for a reverse takeover by stockbroking firm M&A Securities Sdn Bhd.
In a statement, the furniture maker said the reverse takeover will see SYF acquiring 100% of M&A Securities for RM222mil, which will be satisfied via the issuance of 1.009 billion SYF shares to the latter's parent, Insas Bhd, at 22 sen each.
It said an exemption to Insas from undertaking a mandatory offer on SYF will be sought from the SC in due course following SYF's shareholders' approval.
As part of the reverse takeover proposals approved by the SC, SYF will dispose of its rubberwood furniture manufacturing arm, Seng Yip Furniture Sdn Bhd, for RM50mil cash and two parcels of freehold land in Cheras for RM21mil cash.
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