GDB up 3.08% on buying 70% stake in piling firm

 

KUALA LUMPUR (July 24): GDB Holdings Bhd shares rose 3.08% at mid-morning today after the firm together with its wholly-owned unit Grand Dynamic Builders Sdn Bhd bought a 70% equity interest in Eco Geotechnics Sdn Bhd for RM5.96 million.

At 10.20am, GDB gained 1 sen to 33.5 sen for a market capitalisation of RM209.38 million.

The purchase is to be made using internally-generated funds and will be completed in the fourth quarter of this year.

The group purchased the shares from Eco Geotechnics director Goh Eng Ngai, who holds an 84% stake, Tan Loo Loo (10%), and Wong Choo Keong (6%).

GDB said the acquisition will enable it to benefit from Eco Geotechnics' speciality in bored piling and foundation works.

Click here for more property stories.