Shin Yang Group Berhad agreed to acquire Boulevard Jaya Sdn. Bhd. from KTE Motors Sdn. Bhd. and Shin Yang Holding Sendirian Berhad and Ling Chiong Sing for MYR 27.5 million.

Shin Yang Group Berhad (KLSE:SYGROUP) agreed to acquire Boulevard Jaya Sdn. Bhd. from KTE Motors Sdn.

Bhd. and Shin Yang Holding Sendirian Berhad and Ling Chiong Sing for MYR 27.5 million on July 11, 2024. A cash consideration of MYR 27.5 million will be paid by Shin Yang Group Berhad.

The transaction will be financed through equity investment of MYR 27.5 million. The transaction is subject to approval by regulatory board / committee and approval of offer by acquirer shareholders. The expected completion of the transaction is July 11, 2024 to September 30, 2024.

AmInvestment Bank Berhad acted as financial advisor for Shin Yang Group Berhad.