LTKM Berhad terminated the acquisition of Local Assembly Sdn Bhd from Chai Voon Sun, Gurmakh Singh A/L Ajmer Singh, Wee Thian Song, Divine Inventions Sdn Bhd and Proven Venture Sdn Bhd.
October 04, 2023
Share
LTKM Berhad (KLSE:LTKM) entered into a share sale agreement to acquire Local Assembly Sdn Bhd from Chai Voon Sun, Gurmakh Singh A/L Ajmer Singh, Wee Thian Song, Divine Inventions Sdn Bhd and Proven Venture Sdn Bhd for MYR 390 million on April 8, 2022. Total purchase consideration is to be satisfied by way of cash of MYR 100.0 million and issuance of 393,333,333 new LTKM Shares. Upon completion Local Assembly will be a wholly owned subsidiary of LTKM. For year ended December 31, 2021, Local Assembly reported revenues of MYR 116.35 million, Net income of MYR 20.059 million, Total assets of MYR 49.74 million and total common equity of MYR 31.08 million. The acquisition is subject to the approvals of Bursa securities, Confirmation of the High Court of Malaya, Shareholders of LTKM and approval of CCM for the name LA Technology Berhad, due diligence investigation, and other conditions precedents. The acquisition is expected to be completed by the first half of 2023. M & A Securities Sdn Bhd acted as a financial advisor to LTKM.
LTKM Berhad (KLSE:LTKM) terminated the acquisition of Local Assembly Sdn Bhd from Chai Voon Sun, Gurmakh Singh A/L Ajmer Singh, Wee Thian Song, Divine Inventions Sdn Bhd and Proven Venture Sdn Bhd on October 5, 2023.
LTKM Berhad is engaged in investment holding and provision of management services. The Company operates through four segments: Production and sale of poultry and related products, which is engaged in the production and sale of chicken eggs, chickens, organic fertilizers, chicken feeds and other materials; Extraction and sale of sand, which is engaged in the mining and sale of sand; Investment holding, which is engaged in investment activities in quoted and unquoted securities, as well as investment properties held by the Company on a long term basis, and Property development, which is engaged in the business of developing residential and commercial properties. The Company offers LTK Omega Plus, which includes feeds, such as flaxseed, corn, and soybean. It has a production capacity of approximately 1.5 million eggs per day. It operates a farm, which spans over 450 acres in Melaka. Its subsidiaries include LTK (Melaka) Sdn. Bhd., LTK Omega Plus Sdn. Bhd., and LTK Development Sdn. Bhd.
LTKM Berhad terminated the acquisition of Local Assembly Sdn Bhd from Chai Voon Sun, Gurmakh Singh A/L Ajmer Singh, Wee Thian Song, Divine Inventions Sdn Bhd and Proven Venture Sdn Bhd.