KUALA LUMPUR: Taliworks Corp Bhd and unit, Pinggiran Muhibbah Sdn Bhd, have entered into a share sale and purchase agreement (SSPA) with the Employees Provident Fund Board (EPF) to dispose of a 100 per cent stake in Pinggiran Ventures Sdn Bhd for RM68.7 million.
Pursuant to the SSPA, Taliworks, Pinggiran Muhibbah, Pinggiran Ventures, EPF and Pinggiran Infrastructure Sdn Bhd will enter into a shareholders agreement for the purpose of setting out the shareholders' mutually agreed rights, duties, liabilities and obligations to each other as shareholders of Pinggiran Infrastructure.
"Upon completion of the SSPA, Taliworks, through its 84.62 per cent subsidiary, Pinggiran Muhibbah, will own a 51 per cent equity interest in Pinggiran Infrastructure while EPF will indirectly own the balance of 49 percent," Taliworks said in a filing to Bursa Malaysia today.
“The board believes that Pinggiran Infrastructure will be the new growth engine for Taliworks.
"Moving forward, Pinggiran Infrastructure will be targeting acquisitions of operating infrastructure assets with 'predictable cashflows', " it said.
The proceeds from the SSPA will substantially be earmarked towards growing Pinggiran Infrastructure, whose seed asset is a 65 per cent effective equity interest in Cerah Sama Sdn Bhd, it added.-- Bernama