KUALA LUMPUR (July 23): Enra Group Bhd’s wholly-owned subsidiary Enra Energy Sdn Bhd had accepted a Letter of Offer (LO) from Hextar Global Bhd and Ekopintar Sdn Bhd for the acquisition of the entire issued share capital of its subsidiary Enra Kimia Sdn Bhd for RM50 million.
In a filing with Bursa Malaysia today, the group said Hextar Global and Ekopintar proposed to acquire 49% and 51% respectively of the entire issued share capital of Enra Kimia.
It said 10% (RM5 million) is payable upon signing of the definitive agreement(s) and the remaining 90% (RM45 million) is payable upon the date of completion of the proposed divestment.
The group noted that Enra and the acquirers will each use all reasonable endeavours to negotiate and agree on the terms and conditions including completion date of the definitive agreements on or before 5.00pm on July 30, 2021,
It said unless otherwise agreed between the parties, the LO terminates if the parties have not entered into the definitive agreements on or before the cut-off time.