AWC Berhad (AWC) has secured Islamic banking facilities of up to RM100 million from AmBank Islamic Bhd.
The amount will be used to finance the acquisition of a 49% equity stake in automated waste collection system provider Stream Group Sdn Bhd (Stream Group).
Last month, AWC announced that it had entered into a conditional share sale and purchase agreement for the proposed acquisitions of the remaining 49% stake in Stream Group.
The integrated facilities management system provider is also taking over the remaining 51% stake that Stream Group does not own in Premium Patents Sdn Bhd (Premium Patents).
Premium Patents holds the intellectual property rights of assets required for Stream Group’s current business, for RM1.
In the latest Bursa filing, the company said RM99 million will be allocated to fund the acquisition and the remaining RM1 million will be to reduce term takaful to cover the life of the key person of the AWC.
