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NewsIris buys private firm for RM16.3m to own Thai plant
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Iris buys private firm for RM16.3m to own Thai plant
by Cals Tue 04 Nov 2014, 01:27
Iris buys private firm for RM16.3m to own Thai plant
KUALA LUMPUR (Nov 3): Iris Corp Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) has entered into a share sale agreement to fully acquire a British Virgin Island-incorporated NSH Northern Shine Holdings Ltd (NSH) for RM16.3 million in a bid to gain "greater control" and "eventual ownership" of a Thai-based incineration power plant.
In a statement to Bursa Malaysia today, Iris said it had, on Oct 31 this year, entered into a share sale agreement with Marin Global Ltd for the entire share capital of NSH, an investment holding firm which owns a 24% stake or some 1.78 million shares in PJT Technology Co Ltd after acquiring the stake on Sept 21.
PJT, in which Iris currently owns 51%, operates the Phuket Municipal Solid Waste-to-Energy Incineration Power Plant in Phuket, Thailand.
Upon the successful acquisition of NSH, Iris would hold a 75% stake in PJT.
The full acquisition of NSH shares would be funded by internal funds and bank borrowings, it said, adding that it expects the acquisition to contribute positively to the group in the long run.
KUALA LUMPUR (Nov 3): Iris Corp Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) has entered into a share sale agreement to fully acquire a British Virgin Island-incorporated NSH Northern Shine Holdings Ltd (NSH) for RM16.3 million in a bid to gain "greater control" and "eventual ownership" of a Thai-based incineration power plant.
In a statement to Bursa Malaysia today, Iris said it had, on Oct 31 this year, entered into a share sale agreement with Marin Global Ltd for the entire share capital of NSH, an investment holding firm which owns a 24% stake or some 1.78 million shares in PJT Technology Co Ltd after acquiring the stake on Sept 21.
PJT, in which Iris currently owns 51%, operates the Phuket Municipal Solid Waste-to-Energy Incineration Power Plant in Phuket, Thailand.
Upon the successful acquisition of NSH, Iris would hold a 75% stake in PJT.
The full acquisition of NSH shares would be funded by internal funds and bank borrowings, it said, adding that it expects the acquisition to contribute positively to the group in the long run.
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