Wong Engineering in RM15.75mil deal for a stake in major shareholder's private company

TheStar Wed, Apr 01, 2020 06:18pm - 3 years View Original


KUALA LUMPUR: Wong Engineering Corp Bhd (WECB) plans to acquire a 35% stake in a company controlled by its its substantial shareholder Ong Yoong Nyock.

In a filing with Bursa Malaysia today, WEC has it entered into a deal to buy a 35% stake in Broadway Lifestyle Sdn Bhd (BLSB) for RM875,000.

It has also proposed to subscribe up to 14.875 million new redeemable non-cumulative preference share in BLSB for RM14.875mil.

BLSB had on Oct 21, 2019 entered into a conditional sale and purchase agreement with Permata Realty Sdn Bhd for an acquisition of a piece of leasehold industrial land in Sepang, Selangor for RM87.82mil.

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