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Seacera acquires builder, marks foray into construction
by Cals Sat 11 Jan 2014, 01:32
| Seacera acquires builder, marks foray into construction |
| Business & Markets 2014 |
| Written by Chong Jin Hun of theedgemalaysia.com |
| Friday, 10 January 2014 13:34 |
KUALA LUMPUR (January 10): Seacera Group Bhd is buying a controlling 60% stake in a privately-owned builder with some RM168 million worth of local projects in hand. The planned acquisition marks Seacera's foray in the construction sector.
In a statement to the exchange today, Seacera which manufactures tiles and develop properties, said it is subscribing for shares in SPAZ Sdn Bhd's expanded issued base for RM3 million.
Seacera said the move offers the "opportunity for the company to diversify and leverage on its expertise in trading of tiles and general construction building materials".
"SPAZ has been in the construction industry for more than 10 years and is able to position itself among contractors that are able to secure reputable projects and deliver its obligations under contracts. Hence, it is an opportunity for the company to directly benefit from projects secured by SPAZ," Seacera said.
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