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R&A Teleco to acquire SSSB for RM150m
Published on: Thursday, May 05, 2016
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Kuala Lumpur: R&A Telecommunication Group Bhd plans to acquire the entire stake in Semua Shipping Sdn Bhd (SSSB) for RM150 million.In a filing to Bursa Malaysia Wednesday, R&A said, it has signed a non-binding term sheet with Semua International Sdn Bhd (SISB) to acquire the SSSB shares, which would be satisfied via the issuance of new ordinary shares of 10 sen each in R&A at an issue price of 10 sen per R&A share.

SSSB is involved in the shipping and provision of shipping-related services.

It currently owns six product tankers which have a capacity of 8,000 deadweight tonnage each and all these vessels currently have long-term charters with Shell Malaysia.

Following the proposed acquisition, SISB will transfer all its shares in SSSB to a newly-set up special-purpose vehicle (SPV) company, which sees the existing shareholders of SISB, namely Hoe Leong Corp Ltd (two per cent), Ebony Ritz Sdn Bhd (49 per cent) and Sumatec Resources Bhd (49 per cent), in the same shareholding proportions in which HLCL, ERSB and SRB are holding in SISB.

ERSB is 80 per cent-owned by HLCL and 20 per cent by Auspicious Journey Sdn Bhd. – Bernama




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