KUALA LUMPUR (March 16) : EP MANUFACTURING BHD [] (EPMB) is acquiring highway concession owner Maju Expressway Sdn Bhd for RM1.15 billion as part of its plan tp expand its highway concesion business.
The move will see EPMB, an automotive parts manufacturer making a foray into the toll road business, and roping in new shareholders into the company.
According to a statement by EPMB on Friday, the firm will acquire Maju Expressway from Bright Focus Sdn Bhd and Ulimas Sdn Bhd under a cash and stock deal. Bright Focus is a unit under the Maju Group of Companies.
The announcement by EPMB comfirms a report by The Edge Financial Daily erlier on Friday.
EPMB said it would finance the acquisition by issuing 38.46 million new shares at RM1.30 each, and 100 million redeemable unsecured loan stocks, apart from paying a cash portion of RM1 billion. Upon completion, Bright Focus and Ulimas will own 18.2% and 0.6% respectively of EPMB’s expanded issued share base.
Trading of EPMB shares has been suspended from Thursday to Friday to accommodate the announcement on the acquisition. The stock was last traded at RM1.12 on Wednesday.EPMB said the trading in its shares would resume at 9am on Monday.
The 26km Maju Expressway links the Kuala Lumpur City Centre to Putrajaya and Cyberjaya.
The move will see EPMB, an automotive parts manufacturer making a foray into the toll road business, and roping in new shareholders into the company.
According to a statement by EPMB on Friday, the firm will acquire Maju Expressway from Bright Focus Sdn Bhd and Ulimas Sdn Bhd under a cash and stock deal. Bright Focus is a unit under the Maju Group of Companies.
The announcement by EPMB comfirms a report by The Edge Financial Daily erlier on Friday.
EPMB said it would finance the acquisition by issuing 38.46 million new shares at RM1.30 each, and 100 million redeemable unsecured loan stocks, apart from paying a cash portion of RM1 billion. Upon completion, Bright Focus and Ulimas will own 18.2% and 0.6% respectively of EPMB’s expanded issued share base.
Trading of EPMB shares has been suspended from Thursday to Friday to accommodate the announcement on the acquisition. The stock was last traded at RM1.12 on Wednesday.EPMB said the trading in its shares would resume at 9am on Monday.
The 26km Maju Expressway links the Kuala Lumpur City Centre to Putrajaya and Cyberjaya.
