Varia Berhad completed the acquisition of Pembinaan Teguh Maju Sdn Bhd from Datuk Lau Beng Wei, Datuk Lau Beng Sin, Teo Boon Hing, Datuk Shanmuga A/L Indran, Pang Fong Mui, Lee Chee Kiang, Datuk Ang Hung Teck and Loh Khoon Chiang.
November 15, 2023
Share
Stella Holdings Berhad (KLSE:STELLA) entered into a conditional share sale agreement to acquire Pembinaan Teguh Maju Sdn Bhd from Datuk Lau Beng Wei, Datuk Lau Beng Sin, Teo Boon Hing, Datuk Shanmuga A/L Indran, Pang Fong Mui, Lee Chee Kiang, Datuk Ang Hung Teck and Loh Khoon Chiang for approximately MYR 370 million on July 31, 2023. The consideration comprises of MYR 100 million cash, 200 million shares of Stella Holdings Berhad and additional 150 million Stella shares shall be pledged to the trustee as security for the performance of the vendors? obligation in respect of the profit guarantee depending on the profit after tax. The purchase consideration was arrived at after negotiation on a willing-buyer and willing-seller basis. The cash consideration will be funded by the company entirely via bank borrowings. The transaction was approved by the Audit Committee of Stella and is subject to approval of the non-interested shareholders of Stella at an extraordinary general meeting and listing of shares to be issued, due diligence on Pembinaan, approval of financiers/creditors. The transaction is expected to be completed by the fourth quarter of 2023. The transaction is now expected to complete by November 2023. As on November 2, 2023, the transaction was approved unanimously by the shareholders of Stella. All conditions have been fulfilled. AmInvestment Bank Berhad acted as the financial advisor to Stella. Sierac Corporate Advisers acted as independent advisor for Stella.
Varia Berhad (KLSE:VARIA) completed the acquisition of Pembinaan Teguh Maju Sdn Bhd from Datuk Lau Beng Wei, Datuk Lau Beng Sin, Teo Boon Hing, Datuk Shanmuga A/L Indran, Pang Fong Mui, Lee Chee Kiang, Datuk Ang Hung Teck and Loh Khoon Chiang on November 16, 2023.
Varia Berhad, formerly Stella Holdings Berhad, is a Malaysia-based investment holding company. Its segments include Investment holding; Construction; Property investment; Maintenance, facility management and services; Property development, and Others. It is engaged in the construction of civil and structural, mechanical and electrical works and project management. It is engaged in the property investment business. The Maintenance, facility management and services segment are engaged in the supply of valves, spare parts and landscaping, garden management and provision of related maintenance. The Property development segment is engaged in the development of housing and commercial units for sales to house and shop purchasers. Its subsidiaries include Mewah Kota Sdn. Bhd., which acts as a contractor for various kinds of civil and structural, mechanical and electrical works and maintenance works, and Paramount Ventures Sdn. Bhd., which is engaged in the property development business.
Varia Berhad completed the acquisition of Pembinaan Teguh Maju Sdn Bhd from Datuk Lau Beng Wei, Datuk Lau Beng Sin, Teo Boon Hing, Datuk Shanmuga A/L Indran, Pang Fong Mui, Lee Chee Kiang, Datuk Ang Hung Teck and Loh Khoon Chiang.
STELLA HOLDINGS 
