Ge-Shen corporation - Photo: Ge-Shen
Ge-Shen Corporation Bhd is investing RM13.5 million to acquire a 60% stake in two companies: Amity Research & Development Sdn Bhd (ARD) and Amity Technical Services & Consultancy (M) Sdn Bhd (ATSCM).
The acquisition involves purchasing 60,000 shares of ARD and 300,000 shares of ATSCM from existing shareholders. This includes Pak Yue Leong, Tan Chung Ken, Tan Guan Lai, Tan Khay Leang, Tan Kooi Loon, and Teh Sheh Chien.
Once the term sheet is signed, the company aims to finalize the share sales agreement within 60 days, with full payment expected within 3 months after the agreement’s execution. The acquisition is projected to be completed by the third quarter of 2024.
Funded internally and through bank borrowings, this move reflects the company’s strategic goal to expand its operational scope and market presence. ARD specializes in engineering and consultancy services in the E&E industry, while ATSCM focuses on manufacturing, particularly in printed circuit board assembly, product box building, and cable and wire assembly.
This acquisition aligns with Ge-Shen’s strategy to target high-value industries with growth potential. Ge-Shen’s stock has seen a remarkable 244% surge year-to-date, closing at RM3.99, with a market capitalization of RM490 million.
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