GE-Shen Corporation Berhad (KLSE:GESHEN) entered into a share sale agreement to acquire 60% stake in Kibaru Manufacturing Sdn Bhd from Ooi Eng Kim, Ong Yu Yuen, Ong Yu Zhi, Sho Kim Lian, Tan Pei Pei and Un Chee Wei for MYR 16.8 million on August 3, 2023. As part of the agreement, GE-Shen Corporation will acquire 3,333,600 ordinary shares in KMSB for a total cash consideration of MYR 16.8 million. GE-Shen shall pay a sum of MYR 1.68 million equivalent to 10% of the purchase consideration (?Deposit?) to the Vendors upon the execution of the SSA and balance sum shall pay the sum of MYR 15.12 million being 90% of the purchase consideration to the Vendors within 3 months from the date of SSA. The purchase consideration for the proposed acquisition will be funded via internally generated funds and bank borrowings. As of December 31, 2022, Kibaru Manufacturing reported revenue of MYR 31.035 million, PAT of MYR 2.355 million and shareholders? fund of MYR 8.537 million. The Board of Ge-Shen is of the opinion that the proposed acquisition is in the best interest of Ge-Shen. The proposed acquisition is expected to be completed by fourth quarter of 2023.

GE-Shen Corporation Berhad (KLSE:GESHEN) completed the acquisition of 60% stake in Kibaru Manufacturing Sdn Bhd from Ooi Eng Kim, Ong Yu Yuen, Ong Yu Zhi, Sho Kim Lian, Tan Pei Pei and Un Chee Wei on September 15, 2023.