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- The property developer said the acquisition of the stake for RM16.25 million will enable Glomac Bina to become a wholly-owned subsidiary of the group.
KUALA LUMPUR (April 12): Glomac Bhd has proposed to acquire the remaining 49% stake in Glomac Bina Sdn Bhd from the group's executive chairman and major shareholder Tan Sri Mohamed Mansor Fateh Din (FD Mansor) and another major shareholder, Mohd Yasin Loh Abdullah.
The property developer said the acquisition of the stake for RM16.25 million will enable Glomac Bina to become a wholly-owned subsidiary of the group.
"Glomac Bina is solely involved in construction works awarded by Glomac Group. The proposed acquisition will enable Glomac to streamline its group structure and gain 100% control in Glomac Bina to be in the position to drive the future strategic direction of Glomac Bina," said Glomac in a filing with Bursa Malaysia.
“Glomac Group has been consolidating the financial results of Glomac Bina at 51% interest. Upon completion of the proposed acquisition, Glomac Group will be able to recognise 100% financial results from Glomac Bina,” the group added.
FD Mansor and his son Datuk Seri Fateh Iskandar — who is also Glomac's group managing director, chief executive officer and major shareholder — are directors of Glomac Bina.
Glomac said the purchase, to be satisfied entirely from internally-generated funds, is expected to be completed by the third quarter of 2023.
Shares of Glomac closed unchanged at 32 sen on Wednesday (April 12), giving the group a market capitalisation of RM256 million.
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