AWC BERHAD has served a written notice to Trakniaga Sdn Bhd to exercise the Call Option by requiring Trakniaga to dispose of all the remaining ordinary shares in Trackwork in accordance with the terms and conditions of the Shareholders’ Agreement for consideration of RM5,477,847.
The Sale Shares herein represent the balance of 40.0% equity interest in Trackwork not already held by AWC. Prior to the exercise of the call option, AWC held a 60.0% equity interest in Trackwork which was completed on 9 October 2018.
Upon completion of the Exercise of Call Option (slated for 4th quarter of 2023), Trackwork will be a wholly-owned subsidiary of AWC
The group said upon completion, Trackwork will become a wholly-owned subsidiary of AWC, allowing it to consolidate its investments to 100% basis and channel all resources towards growing the business. Furthermore, the pick-up in construction activities and large-scale infrastructure projects including but not limited to KVMRT3 Project, Penang LRT Project and the reintroduction of Kuala Lumpur-Singapore High Speed Rail Project which are expected to come on stream within the foreseeable future bodes well for Trackwork.
