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Milux Files Listing Application for Proposed Acquisition of Movon

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Milux (KLSE:MILUX) has submitted a listing application in relation to the proposed acquisition of smart home appliance firm Movon to Bursa Securities on Thursday, according to a same-day disclosure to the Malaysian bourse.

The application is for Milux's has proposed an 150 million Malaysian ringgit acquisition of smart home appliance firm Movon.

Under the deal, home appliance company is acquiring the entire issued share capital of Movon from Abletech Solutions and Lim Jee Gin through the issuance of 220.6 million new Milux shares at 0.68 ringgit apiece, according to a stock exchange filing on Monday.

Abletech Solutions is selling its 91.4% stake in Movon, while Lim is disposing of the remaining 8.6% shareholding.

The company's shares were down neaely 1% in recent trade.

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