UEM Edgenta Bhd to acquire 80% stake in KFM Holdings Sdn Bhd for RM128 million

UEM Edgenta Bhd to acquire 80% stake in KFM Holdings Sdn Bhd for RM128 million

KUALA LUMPUR Nov 24 — UEM Edgenta Bhd has entered into a binding term sheet with two individuals for the proposed acquisition of 80% stake in KFM Holdings Sdn Bhd for RM128 million.

In a filing to Bursa Malaysia, UEM Edgenta said, the two individuals were Nurolamin Abas and Fardan Abdul Majeed.

KFM and its subsidiaries are principally involved in the provision of integrated facilities management services, green technology and sustainability services in both Malaysia and United Arab Emirates (UAE).

UEM Edgenta said the acquisition would be funded through internally-generated funds and/or bank borrowings.

It said the acquisition was in line with UEM Edgenta’s overall strategy to expand into the asset facilities management business, as well as, the environmental and sustainability business.

“It will provide us the opportunity to consolidate a key market player, acquire complementary skill sets, increase market share in the facilities management sector in Malaysia, as well as, expand our presence into the UAE.

“Barring any unforeseen circumstances, the sale and purchase agreement is expected to be executed within three months from the date of execution of the term sheet,” it said.

— BERNAMA

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