BWYS Group’s RM94.48 mil Tanjong Duabelas land acquisition turns unconditional

PETALING JAYA (June 13): BWYS Group Bhd has announced that its proposed acquisition of a parcel of industrial land in Tanjong Duabelas, Kuala Langat, Selangor by its wholly-owned subsidiary BW Scaffold Industries Sdn Bhd has become unconditional following the fulfilment of the conditions precedent under the sale and purchase agreement (SPA).

In a Bursa filing yesterday, BWYS said that, on behalf of the board, its advisers M & A Securities noted that the company’s solicitors, via a letter dated June 12, confirmed the conditions precedent of the Duabelas Land SPA have been fulfilled. Accordingly, the SPA for the Duabelas Land Acquisition has become unconditional.

The transaction involves the acquisition of a parcel of freehold industrial land held under H.S.(D) 50254, PT 53925, Mukim of Tanjong Duabelas, District of Kuala Langat, Selangor Darul Ehsan, from Compass IP Sdn Bhd for a total cash consideration of RM94,479,631.50. The Duabelas land A#acquisition is undertaken by BW Scaffold Industries Sdn Bhd, a wholly-owned subsidiary of BWYS, as purchaser.

Asset details

The land is described in the Duabelas Land SPA and in BWYS’ circular dated Dec 22, 2025 as a parcel of freehold industrial land under H.S.(D) 50254, PT 53925, in the Mukim of Tanjong Duabelas, District of Kuala Langat, Selangor. The circular sets out the details, rationale, funding and effects of the Duabelas Land Acquisition, including BWYS’ intention to use the land for its industrial operations.

The latest announcement yesterday, serves to update that the conditions precedent under the Duabelas Land SPA have been fulfilled and that the SPA has become unconditional, with the acquisition to proceed in accordance with the remaining terms of the agreement.

EGM notice and new shareholders’ mandate

In a separate announcement, BWYS has issued a notice of extraordinary general meeting (EGM) to be held on June 30, at 12.30pm at Lot 1571, Jalan Serunai, Kawasan Perindustrian Valdor, Mukim 12, 14200 Sungai Bakap, Penang.

The EGM will consider, among others, an ordinary resolution for a proposed new shareholders’ mandate for the company and/or its subsidiaries to enter into recurrent related party transactions of a revenue or trading nature with related parties. The proposed new shareholders’ mandate, as set out in Section 2.5 of the circular to shareholders dated June 15, 2026, provides that such transactions must:

a) be necessary for the group’s day-to-day operations
b) be undertaken in the ordinary course of business, on an arm’s length basis and on normal commercial terms, and
c) be on transaction prices which are not more favourable to the related parties than those generally available to and/or from the public and not detrimental to the minority shareholders of the company.

The notice states that the proposed new shareholders’ mandate, if approved, will remain in force until the conclusion of the next annual general meeting (AGM), the expiry of the period within which the next AGM is required to be held under Section 340(2) of the Companies Act 2016 (without extending to any permitted extension under Section 340(4)), or its earlier revocation or variation by shareholders, whichever is earlier.

Voting at the EGM will be conducted by poll in accordance with the ACE Market Listing Requirements of Bursa Malaysia Securities Bhd. Shareholders whose names appear in the company’s Record of Depositors as at June 22, 2026 will be entitled to attend, speak and vote at the EGM or appoint proxies to do so on their behalf.

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