KUALA LUMPUR: Global Oriental Bhd (GOB) plans to acquire the remaining 45 per cent equity stake in Edisijuta Parking Sdn Bhd (EPSB) for RM22.5 million in an attempt to grow its car park operations management business.

  The company has entered into a conditional share sale and purchase agreement (SPA) with Edisijuta Sdn Bhd (ESB) and Cahaya Impian Sdn Bhd to acquire an equity interest in EPSB not already owned by the group.

  GOB had acquired the initial 55 per cent stake in EPSB for RM27.5 million on October 19, 2023, to expand its earnings base from the recurrent stable income generated by the car park management business.

  "Upon completion of the proposed acquisition and the full consolidation of EPSB's financials into the company, it expects that the car park operations business may contribute 25 per cent or more of the net profits of the company," GOB said in a stock exchange filing on Friday.

  For the financial year ended March 31, 2023, GOB posted a net profit of RM11.4 million on RM392.6 million in turnover, mainly derived from its property development business.