Glomac to acquire remaining 49 pct stake in Glomac Bina to accelerate its growth

Sharen Kaursharen@nst.com.my

Glomac Bhd has proposed paying RM16.25 million to acquire the remaining 49 percent shareholding in Glomac Bina Sdn Bhd from the group's executive chairman and significant shareholder Tan Sri Mohamed Mansor Fateh Din (FD Mansor) and another big stakeholder, Mohd Yasin Loh Abdullah.

The property developer said that by acquiring the remaining shares of Glomac Bina, the latter will become a wholly-owned subsidiary of the firm.

"Glomac Bina is solely involved in construction works awarded by Glomac Group. The proposed acquisition will enable Glomac to streamline its group structure and gain 100 per cent control in Glomac Bina to be in the position to drive the future strategic direction of Glomac Bina.

"Glomac Group has been consolidating the financial results of Glomac Bina at 51 per cent interest. Upon completion of the proposed acquisition, Glomac Group will be able to recognise 100 per cent financial results from Glomac Bina," it said in a filing with Bursa Malaysia.

Glomac Bina's directors are FD Mansor and his son Datuk Seri FD Iskandar Mansor, who is also Glomac's group managing director, chief executive officer, and significant shareholder.

Glomac expects the purchase, which will be paid for entirely with internal funds, to be completed by the third quarter of 2023.

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