Oriental Holdings extends conditional period for Northam Georgetown share subscription agreement to Oct 15

PETALING JAYA (Aug 7): Oriental Holdings Bhd (KL:ORIENT) has extended the conditional period for its proposed subscription for a 96.84% stake in Northam Georgetown Sdn Bhd (NGSB) to Oct 15, 2026, from Aug 7, 2026.

The extension relates to the share subscription agreement under the group's previously announced proposal to subscribe for 153.1 million new shares in NGSB for RM153.1 million. Following completion of the share subscription agreement, Oriental Holdings and Boon Siew Sdn Bhd (BSSB) are to enter into a share sale agreement for the acquisition of the remaining 3.16% stake in NGSB for RM13.9 million, bringing the total consideration for NGSB to RM167 million.

In a Bursa Malaysia filing on Friday (Aug 7), Oriental Holdings said it, BSSB and NGSB had mutually agreed to extend the conditional period from Aug 7, 2026, to Oct 15, 2026, for the fulfilment of the relevant conditions precedent under the share subscription agreement.

The NGSB acquisition forms part of Oriental Holdings' proposed RM411 million related-party acquisitions, which also include the purchases of Bayview Hotel Georgetown and Wisma Boon Siew for RM153 million, and Bayview Hotel Langkawi for RM91 million.

..........

Read about emerging trends, data-backed insights, growing subsectors, and expert commentaries in EdgeProp print. Subscribe now for your free copy!