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Naim Holdings acquires 15% equity interest in Plus Viable for RM585,000

KUALA LUMPUR: Property developer Naim Holdings Bhd acquired a 15% equity interest in its sibling Plus Viable Sdn Bhd for RM585,000.

In a filing to Bursa Malaysia on March 2, the developer said the acquisition was done by its wholly owned sub-subsidiary NCSB Engineering Sdn Bhd from construction contractor Chiew Kee Engineering Sdn Bhd on March 1.

Plus Viable, which is engaged in the operation of a premix plant, is a 70%-subsidiary of the Naim Group. The acquisition will result in NCSB Engineering increasing its equity interest in Plus Viable to 85%, and enables the former to increase its control in Plus Viable’s asphalt operation.

The bitumen plant has been catering to NCSB Engineering’s needs in road construction where supplies of the material in the market are scare and prices are highly volatile.

The amount of RM585,000 was based on the unaudited net tangible assets as at Dec 31 last year of RM1.37 per share less discount of 5%. The purchase will be satisfied entirely by cash through internally generated funds.

Prior to the acquisition, Chiew Kee Engineering holds 30% equity interest in Plus Viable.

Plus Viable was incorporated on March 2, 2007, with an authorised share capital of RM5 million divided into five million shares of RM1 each. It has an issued and paid-up share capital of RM3 million, comprising three million shares of RM1 each.

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