Tex Cycle Technology proposes to buy Meridian World for RM55mil


KUALA LUMPUR: Tex Cycle Technology (M) Bhd has proposed to acquire the entire equity interest in Meridian World Sdn Bhd for RM55mil cash.

In a filing with Bursa Malaysia, Tex Cycle said it had entered into a binding term sheet with Yang Wu-Hsiung, Amia Co Ltd, Beltrax Engineering Sdn Bhd, Good Credentials Sdn Bhd, Panbright Holdings Sdn Bhd, Peninsular Accord Sdn Bhd, Scientidex Sdn Bhd, Sunrise Majusama Sdn Bhd, Wong Mei Hwa and Yang Chueh-Kuang to negotiate the detailed terms and conditions to be contained in a definitive share sale agreement for the proposed acquisition.

Meridian World is principally involved in chemical processing, the provision of waste water treatment facilities, waste recycling services and trading of industrial chemicals.

Tex Cycle said the purchase consideration will be funded via internally generated funds and/or bank borrowings.

Tex Cycle added the proposed acquisition would allow it to expand its product and service offerings to a boarder range as well as expand its geographical reach as Meridian World is primarily based in the northern region of Peninsular Malaysia.

Tex Cycle said the acquisition will allow it to increase its revenue and earnings.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Britain joins trans-Pacific pact in biggest post-Brexit trade deal
Choosing between unbuilt homes and sub-sale units
Malaysia in the lead
When a tenant refuses to leave
Eco World redesignates Leong Kok Wah as non-independent, non-executive director
Ringgit seen trading in cautious mode ahead of US rate decision next week
Oil settles at 3-week high as more Russia sanctions loom
Local market treads water
Governance challenges continue at TMC Life after CEO’s removal
Estates of late tycoons spark M&A interest

Others Also Read