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YTL Power unit buys telecommunications firm for RM49.8m

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YTL Power unit buys telecommunications firm for RM49.8m Empty YTL Power unit buys telecommunications firm for RM49.8m

Post by Cals Thu 05 Jun 2014, 03:15

YTL Power unit buys telecommunications firm for RM49.8m
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Wednesday, 04 June 2014 17:59

KUALA LUMPUR (June 4): YTL Power International Bhd, via its unit YTL Communications Sdn Bhd, has acquired telecommunications firm, Konsortium Jaringan Selangor Sdn Bhd (KJS), for RM49.8 million in cash.

KJS is principally engaged in the business of planning, implementation and maintenance of telecommunication towers and telecommunication related services.

In a statement to Bursa Malaysia, YTL Power said its 60%-owned YTL Communications had on June 2, 2014, entered into an agreement with Kumpulan Darul Ehsan Bhd and Ingres Software (M) Sdn Bhd for the acquisition of 1.5 million ordinary shares or 60% of the capital of KJS.

“The proposed acquisition is expected to contribute positively to firm’s consolidated earnings, in the medium to long term,” said YTL Power.

Upon completion of the proposed acquisition, KJS will become a subsidiary of YTL Communications and an indirect subsidiary of YTL Power.
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