Luster Industries had entered into a form for transfer of securities with Dato’ (Dr.) Ts. Awang Daud Bin Awang Putera for the acquisition of 100,000,000 Aimflex shares representing approximately 8.169% equity interest for a total consideration of RM22,000,000 at RM0.22 per Sale Share.
According to Bursa filing, the acquisition will be carried out by way of direct business transactions or traded through the official securities clearing and settlement method.
Aimflex is an investment holding company that is principally involved in manufacturing and modification of specialised automation machines, provision of maintenance and technical support services and supply of spare parts, marketing and supply of industrial automation test equipment and related parts, design and fabrication of metal panels, frames and precision parts, distribution of statistical analysis software, wireless communication devices and robotic arms and sales of specialised automation machines.
Dato’ Ts. Awang Daud is the Executive Chairman and shareholder with 28.98% interest in Aimflex, he was appointed to the Board as a Non Independent Non-Executive Chairman in 2020 and subsequently redesignated as the Executive Chairman a year later, 2021.
The Purchase Consideration of RM0.22 per Sale Share is at a premium within the ranges from approximately 30% to 35% to the 5-day up to 6-month VWAP and a discount of 6.78% of the 12-month VWAP after taking into consideration the potential synergies in regards to sharing of technologies and engineering capabilities and customer bases.
Luster which is involved in the manufacturing of plastic parts and components and machining of metal parts sees the acquisition to allow potential synergies between both parties in areas of sharing of customer bases and give Luster an opportunity in penetrating the automation industry.
