KUALA LUMPUR (June 5): Property developer, Tadmax Resources Bhd has proposed to acquire a 100% equity interest in Majestic Maxim Sdn Bhd from Maxim Holdings Sdn Bhd for RM115 million.
In a filing to Bursa Malaysia, Tadmax said the acquisition would be satisfied via the issuance of 469.39 million new shares in the company at an issue price of 24.5 sen per share.
Tadmax yesterday entered into a conditional sale of shares agreement with Maxim for the proposed acquisition.
“The proposed acquisition will enable Tadmax and its subsidiaries to immediately tap into the ongoing property development project currently being undertaken by Majestic Maxim, which is expected to enhance the future profitability and cash flow of Tadmax Group,” it added.
Upon completion, Majestic Maxim would become a wholly-owned subsidiary of Tadmax.
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