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NewsOnly World acquires controlling stake in Escaperoom
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Only World acquires controlling stake in Escaperoom
by Cals Tue 28 Jul 2015, 19:34
Only World acquires controlling stake in Escaperoom
SHAH ALAM (July 28): Only World Group Holdings Bhd (OWG) is buying a 60% stake in Escaperoom Holdings Sdn Bhd (EHSB), a company that provides real-life physical adventure games for RM5.4 million.
OWG had today signed a conditional share sale agreement (SSA) with EHSB shareholders Datuk Ong Kee Seng, Datuk Victor Lo Tung Ho and Datuk Leung Chak Sum Jason.
OWG's managing director and chief executive officer Datuk Richard Koh Cheng Keong said the acquisition would be funded entirely by OWG's internally-generated funds. Koh said under the SSA, EHSB would guarantee a RM4 million profit after tax for two financial years ending June 30, 2016 (FY16) and FY17.
"The SSA is in line with OWG's business model to pursue its expansion strategy and long-term objectives of becoming a market leader in the leisure and hospitality industry. We are delighted to have a strategic collaboration with EHSB, who shares our vision and who is committed to delivering unique experiences for their customers.
"The acquisition will provide an opportunity for the existing shareholders of OWG to capitalise on EHSB's growth potential in the leisure and hospitality industry," he said.
OWG's share trade has been suspended between 9am and 2:30pm today. Yesterday, the stock closed at RM2.85 for a market capitalisation of RM527.3 million.
SHAH ALAM (July 28): Only World Group Holdings Bhd (OWG) is buying a 60% stake in Escaperoom Holdings Sdn Bhd (EHSB), a company that provides real-life physical adventure games for RM5.4 million.
OWG had today signed a conditional share sale agreement (SSA) with EHSB shareholders Datuk Ong Kee Seng, Datuk Victor Lo Tung Ho and Datuk Leung Chak Sum Jason.
OWG's managing director and chief executive officer Datuk Richard Koh Cheng Keong said the acquisition would be funded entirely by OWG's internally-generated funds. Koh said under the SSA, EHSB would guarantee a RM4 million profit after tax for two financial years ending June 30, 2016 (FY16) and FY17.
"The SSA is in line with OWG's business model to pursue its expansion strategy and long-term objectives of becoming a market leader in the leisure and hospitality industry. We are delighted to have a strategic collaboration with EHSB, who shares our vision and who is committed to delivering unique experiences for their customers.
"The acquisition will provide an opportunity for the existing shareholders of OWG to capitalise on EHSB's growth potential in the leisure and hospitality industry," he said.
OWG's share trade has been suspended between 9am and 2:30pm today. Yesterday, the stock closed at RM2.85 for a market capitalisation of RM527.3 million.
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