BUSINESS

UEM EDGENTA STOCK SLIPS 1.96 PCT IN MORNING TRADING

04/12/2023 12:31 PM

KUALA LUMPUR, Dec 4 (Bernama) -- Shares of UEM Edgenta Bhd slipped 1.96 per cent in the morning trading despite its announcement of majority stake acquisitions in two United Arab Emirates (UAE) based companies for RM55.10 million cash.

At 11.55 am, UEM Edgenta's shares went down two sen to RM1.00 with 112,100 shares traded.

UEM Edgenta’s indirect wholly owned subsidiary Edgenta International Investments LLC has entered into a sale and purchase agreement and shareholders’ agreement with UAE based NW Kaizen Holding Ltd to acquire 60 per cent equity interests in Kaizen Owner Association Management Services LLC and Kaizen AMS Property Supervision LLC.

The proposed acquisitions were with the vision of Edgenta of the Future 2025 to expand its regional footprint and enhance product and technology proposition in high-growth markets such as Dubai and the wider UAE. 

The exercise is expected to be completed by the first quarter of 2024.

-- BERNAMA


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