KUALA LUMPUR (Bernama) -- Permaju Industries Bhd
today entered into a conditional share sale agreement with Chai Kim Chong to acquire 600,000 ordinary shares in Hardie Development Sdn Bhd representing 30% equity interest for RM21.8 million.
Hardie is an existing 70%-owned subsidiary of Permaju.
In a filing with Bursa Malaysia today, Permaju has also proposed to undertake a private placement of up to 182,410,000 new ordinary shares representing 30% of its existing total number of issued shares to independent third-party investors to be identified later.
Permaju said Hardie is a property developer currently developing the Princess Heights Project in Sabah and upon completion of the acquisition, Hardie will become a wholly-owned subsidiary of the company.
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