KUALA LUMPUR: Sasbadi Holdings Bhd has entered into a sale and purchase agreement (SPA) with Law En Tzer to acquire the remaining 30 per cent of the issued share capital of Sanjung Unggul Sdn Bhd for a cash purchase consideration of RM9.4 million.
As at July 25, Sanjung Unggul has a wholly-owned subsidiary, The Malaya Press Sdn Bhd, which in turn, has three wholly-owned subsidiaries namely Big Tree Publications Sdn Bhd, Jinbang Publication Sdn Bhd and Media Distribution Sdn Bhd.
All three subsidiaries are principally involved in publishing books and educational materials catering to students in national-type Chinese schools.
The SPA is expected to be completed in three months, of which Sanjung Unggul will become a wholly-owned subsidiary of Sasbadi Holdings.
Meanwhile, Malayan Banking Bhd (Maybank) has raised RMB1 billion via the inaugural issuance of renminbi bonds in China's interbank bond market after a bookbuilding process.
In a filing to the bourse, Maybank said that the proceeds raised will be used for general banking and other corporate purposes.
"This includes utilising the proceeds both onshore and offshore to support activities in connection with the Belt and Road Initiatives, including but not limited to, financing of projects within Asia in various sectors such as the utilities, mining, oil and gas and petrochemical sectors," Maybank added.
The three-year senior, unsecured bonds have a 4.6 per cent interest per annum and were already rated AAA by China Chengxin International Credit Rating Co Ltd.
HSBC Bank (China) Co Ltd is the joint lead underwriter for the issuance while China Development Bank is the lead underwriter and bookrunner.
The group also disclosed that it had obtained approval from the People's Bank of China on June 24 for the issuance of up to RMB6 billion in the interbank bond market, which could be issued in multiple tranches within two years from the date of approval.