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KUALA LUMPUR (Sept 15): Fututech Bhd will be concluding RM380 million worth of asset injection deal today, the digitaledge DAILY reported.
To facilitate the finalisation of the deal, the company requested the stock exchange to suspend the trading of its shares on Bursa Malaysia today.
To recap, in February, the company entered into a heads of agreement with Datuk Tee Eng Ho, who is also the company’s executive chairman, and Datin Toh Siew Chuon as well as Tee Eng Seng, to explore and negotiate further on the proposed acquisitions of Kerjaya Prospek Sdn Bhd and Permatang Bakti Sdn Bhd.
The two companies are involved in the building construction business.
Under the proposed plan, the RM380 million purchase consideration will be satisfied by the issuance of 280 million new ordinary shares of 50 sen each in Fututech at an issue price of RM1.16 per share and the balance in cash.
Fututech announced in June that it is targeting to launch its maiden residential project, Vista Residence, which is worth RM300 million in gross development (GDV) value, in Gohtong Jaya by the fourth quarter of this year.
After Vista Residence, Fututech said it would launch its second residential project in Monteres Golf and Country Club, Shah Alam, which has a projected GDV of RM200 million.
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