Crest Builders is looking to acquire additional equity in its subsidiary Unitapah Sdn Bhd from Datik Utuh for approximately RM43.6 million in cash.
The group filed at the Exchange that its wholly-owned subsidiary, Crest Builder International Sdn. Bhd. had on 1 December 2023 acquired an additional 49% equity interest in its subsidiary, Unitapah Sdn. Bhd. comprising 490,000 ordinary shares from Detik Utuh Sdn. Bhd. for a cash consideration of RM43,610,000.00.
USB is principally engaged as a concession holder, as at the financial year ended 31 December 2022, CBISB owns 51% equity interest in USB. Upon completion of the Acquisition, USB becomes a wholly-owned subsidiary of CBISB.
The acquisition it said was primarily financed based on the balance proceeds from Sukuk Murabahah, reflecting the strategic allocation of funds from this financial instrument to facilitate the acquisition of the remaining equity interest in USB.
