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KUALA LUMPUR (April 26): ACE-Market listed Kanger International Bhd is buying a 51% stake in building materials supplier Sung Master Holdings Sdn Bhd for RM94.8 million. The group has inked a conditional share sale agreement with Sung Master’s shareholders and directors, namely Sii Tung Nai, Sii Tung Aik and Lim Shwu Huey, for the purchase. The proposed acquisition will be satisfied by a combination of cash of RM52 million and the issuance of 713.2 million new Kanger shares at six sen apiece for the remaining RM42.8 million, Kanger said in a statement. The RM52 million cash will be partially funded through the proceeds of a proposed subscription agreement entered with Kanger s executive director Steven Kuah Choon Ching for the subscription of 769.5 million shares at six sen each, which would raise a total of RM46.2 million. The remainder will be sourced from internal funds and bank borrowings.

Kuala lumpurSii tung aikSii tung naiSteven kuah choon chingShwu hueySung master holdings sdn bhdKanger international bhdSung masterLim shwu hueyகுவாலா லம்பூர்ஷ்வு ஹூய்