Tomei To Acquire Loss Making Pawnbroker Pajak Gadai JP For RM3.8 Million

Tomei Consolidated Berhad via its subsidiary Tomei Services Sdn Bhd had entered into a Sale and Purchase Agreement to purchase the entire equity interest in Pajak Gadai JP Sdn Bhd for a cash consideration of RM3.8 million.

Upon the acquisition, JP will become an indirect subsidiary of the company.

The consideration for RM3.8 million was derived based on the net tangible assets of JP as stated in the audited financial statements of JP as at 31 December 2022 and is to be satisfied entirely in cash whereby TS shall pay the Vendor the purchase consideration within 7 business days from the unconditional date.

JP is principally engaged in business as pawnbrokers. As of 31 December 2022, being the last date of audited financial statements, JP reported loss after taxation of RM182,430.00 and net assets of RM3,802,028.00.

Tomei said the acquisition is to enable the company to expand its business into the pawnshop business which compliments its existing jewellery business.

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