KUALA LUMPUR (Sept 9): Vizione Holdings Bhd will be acquiring a 100% stake in construction company Wira Syukur (M) Sdn Bhd (WSSB) for a total of RM280 million.
The group said in a statement today that it had received approval by its shareholders for the proposed acquisition during the company’s extraordinary general meeting.
The acquisition will be satisfied via the combination of cash and issuance of new ordinary shares of Vizione, to be issued at an issue price of 11 sen per share.
Vizione managing director Datuk Ng Aun Hooi said the acquisition will not only further enhance the construction earnings of Vizione, but also mitigate the potential conflict of interest between Vizione and his interest in WSSB.
“As a subsidiary of a listed corporation upon completion of the corporate exercise, it will provide access to the capital market for cost effective capital fund raising for WSSB,” he said.
Ng added following the acquisition, the group will continue to tender for more construction projects.
“Besides that, we will also embark and explore some smaller scale property development project by working closely [with] or [by] joint ventures with the landowners. It is our intention to have diversified sources of income stream for the company. Things are expected to get more exciting in Vizione and I am personally eager to see what this company will deliver in the coming years,” Ng said.