has proposed to acquire 51 per cent stake or 1.02 million shares of Sung Master Holdings Sdn Bhd for RM94.79 million.
In a filing with Bursa Malaysia today, Kanger said the company also proposed new subscription shares of 769.51 million, representing 30 per cent of the total issued shares, at the subscription price of six sen by Kuah Choon Ching.
It said Sung Master is a company engaged in sales and trading of building materials such as timber flooring, tiles, bulk cement, concrete, locksets and sanitary ware that are similar to the current business activities of Kanger which is manufacturing and trading of building materials.
KUALA LUMPUR (Jan 6): Techfast Holdings Bhd plans to diversify into petroleum trading and oil bunkering by acquiring a 35% stake in a company that supplies marine fuels.
The group said it is buying the stake in CCK Petroleum Sdn Bhd from Kuah Choon Ching for RM26.25 million, of which RM16.17 million will be paid in cash and the balance via the issuance of 23.44 new Techfast shares at 43 sen per share.
In a filing today, Techfast said the diversification into petroleum trading was aimed at expanding its revenue and profits, and reducing its reliance on its manufacturing business segment.
The group manufactures self-clinching fasteners, mould e-learning rubber sheets and LED epoxy encapsulate materials.
KUALA LUMPUR (Jan 6): Based on corporate announcements and news flow today, the following companies may be in focus tomorrow (Jan 7): Top Glove Corp Bhd, Hartalega Holdings Bhd, Techfast Holdings Bhd, LBS Bina Group Bhd, Censof Holdings Bhd, Supercomnet Technologies Bhd, Cymao Holdings Bhd, Sanichi Technology Bhd, AwanBiru Technology Bhd (Awantec) and Yong Tai Bhd.
BlackRock, which holds a 1.61% stake in
Top Glove Corp Bhd, voted against the election of six independent directors at the rubber glove maker s annual general meeting today, as it is of the view that the board had failed in its duty to mitigate the issues of migrant workers health and safety. The six independent directors are Datuk Lim Han Boon, Datuk Noripah Kamso, Datuk Norma Mansor, Tan Sri Rainer Althoff, Sharmila Sekarajasekaran and Lim Andy.