An unknown buyer completed the acquisition of 60% stake in Buminox Sdn Bhd from Tatt Giap Group Berhad.
The transaction is not subject to the approval of the shareholders. The relevant authorities' approvals, if required, will be obtained in due course. The Board of Directors of Tatt Giap Group consider that the transaction is fair, reasonable and on normal commercial terms and are not detrimental to the interest of the minority shareholders. The transaction is expected to be completed within fourteen days from December 31, 2012. Tatt Giap Group is expected to use the proceeds as working capital. The transaction will not have any material impact on the earnings, net assets and gearing, on consolidated basis, of Tatt Giap Group for the financial year ending December 31, 2013. The transaction will also not have any effect on the share capital and substantial shareholders' stockholding of Tatt Giap Group.
An unknown buyer completed the acquisition of 60% stake in Buminox Sdn Bhd from Tatt Giap Group Berhad (KLSE:TATGIAP) on January 9, 2013.