Econframe Berhad completed the acquisition of 65% stake in Lee & Yong Aluminium Sdn Bhd from Yong Kuen Hwan.
The transaction is subject to approval of shareholders of Econframe, LYASB?s banking facility, Bursa Securities, for the listing of and quotation for the Consideration Shares on the ACE Market of Bursa Securities in respect of Proposed Acquisition, the conduct and completion of a due diligence on LYASB, its business, operations and affairs and any other relevant authorities and/or parties, if required. The Proposed Acquisitions are expected to be completed in the second half of the calendar year 2023. As of March 7, 2023, on behalf of the Board, M&A Securities announce that on March 7, 2023, Econframe Berhad has submitted an extension of time application of 2 months up to May 17, 2023 to submit the additional listing application to Bursa Securities for its approval. As on May 12, 2023, in connection with the capital injection by Yong Kuen Hwan, Lee & Yong Aluminium issued 0.5 million new shares resulting in increase in total share capital. Yong Kuen Hwan's 65% stake now represents 0.49 million shares. As on May 17, 2023, the additional listing application for the proposed acquisition has been submitted to Bursa Securities. As of June 9, 2023, Bursa Malaysia Securities Berhad approved the listing of and quotation for 10,459,770 new shares in Econframe. As of June 22, 2023, the board of directors of Econframe approved the transaction. As of July 14, 2023 Econframe and Yong Kuen Hwan recorded in writing their mutual agreement to extend the date to obtain and/or fulfil the conditions precedent in accordance with Acquisition respectively for a further period up to October 17, 2023. As of September 6, 2023 All the conditions set out have been fulfilled. M&A Securities Sdn. Bhd. acted as financial advisor to Econframe Berhad.
Econframe Berhad (KLSE:EFRAME) completed the acquisition of 65% stake in Lee & Yong Aluminium Sdn Bhd from Yong Kuen Hwan on September 8, 2023.