Unitrade Group is looking to acquire 51% stake in Intergreen Metals Sdn Bhd for a purchase consideration of RM66.3 million. The group has entered into an SSA with Intergreen Holdings for the acquisition, this serves as the definitive agreement following the preliminary framework established via the Heads of Agreement signed earlier on 31 July 2023 between Unitrade and the Vendors.
Intergreen Metals is a metal waste recycling company with 20 years of proven track record since its establishment in 2003. It is primarily engaged in the metal recycling business, specialising in collecting and processing metal waste to be recycled into input feedstock for steel manufacturers.
The Proposed Acquisition also entails a profit guarantee, in which Intergreen Metals is to achieve a profit after tax totalling RM45 million over FPE24, FY25, and FY26.
The Proposed Acquisition is expected to be funded fully through internally generated funds. Barring any unforeseen circumstances, the Proposed Acquisition is expected to be completed by end-December 2023
