APB proposes acquisition of 10.41% stake in Globetronics

TheStar Mon, Dec 18, 2023 01:23pm - 6 months View Original


KUALA LUMPUR: APB Bhd has proposed to diversify into the semiconductor manufacturing and distribution business by acquiring 70 million shares representing a 10.41% stake in Globetronics Technology Bhd for RM140mil.

The share sale deal was inked with General Produce Agency Sdn Bhd and Ng Kweng Chong Holdings Sdn Bhd, to purchase their respective 6.89% and 3.52% stakes in Globetronics, it said in a stock exchange filing.

The group said the proposed acquisition will result in a diversion of more than 25% of the net asset of APB and its subsidiaries into investment in Globetronics.

"In this regard, APB will be seeking the approval of its shareholders at an extraordinary general meeting to be convened for the Proposed Diversification pursuant to paragraph 10.13 of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd," it said.

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