KUALA LUMPUR (April 10): Rohas Tecnic Bhd plans to buy a 75% equity interest in HG Power Transmission Sdn Bhd (HGPT) for RM101.67 million. In a filing with Bursa Malaysia today, Rohas Tecnic said it has entered into a heads of agreement (HoA) with PT Safe Tower Systems Sdn Bhd and Kemuncak Agresif (M) Sdn Bhd to acquire 4.9 million shares or a 75% stake in HGPT. Rohas Tecnic said the purchase consideration will be satisfied via a combination of cash of RM22.5 million and 83.3 million new shares in Rohas Tecnic, which are to be allotted issued to Safe Tower Systems and Kemuncak Agresif, at an agreed issued price of 95 sen per Rohas Tecnic share. Rohas Tecnic said the proposed acquisition will provide its shareholders an opportunity to participate in the business of HGPT, which in turn is expected to facilitate the continued growth of the enlarged Rohas Tecnic group moving forward. Rohas Tecnic shares closed down 4 sen or 4% at 96 sen today, bringing a market capitalisation of about RM38 million.

Source: The Edge Markets April 10, 2017 13:07 UTC