KUALA LUMPUR: Advancecon Holdings Bhd is acquiring 51% majority stake in quarry operator Spring Energy Resources Bhd for RM30.4mil to expand the potential reach of its earthworks and civil engineering services.
The civil engineering services specialist said the stake would be acquired from Spring Energy’ investment holding company, Fook Hua Holdings Sdn Bhd.
“The purchase consideration would be satisfied by a cash consideration of RM15.2mil, combined with the issuance of 33 million new Advancecon shares to Fook Hua at an issue price of 46 sen per share, ” it said in a statement.
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