Asia
Meta Bright Proposes to Buy 70% Stake in TTOP Industrial for Over MYR9 Million; Shares Drop 6%
Meta Bright (KLSE:MBRIGHT) proposed to acquire a 70% stake in TTOP Industrial & Engineering for 9.3 million ringgit, according to a Wednesday Malaysian bourse filing.Shares fell over 6% in Thursday's midday trade.The deal will be satisfied through a 1 million ringgit payment in cash and the issuance about of 51.8 million new shares at 0.16 ringgit each.Upon completion, TTOP Industrial & Engineering will become a company unit.The acquisition is expected to strengthen its exposure to energy infrastructure, trading and engineering services, Meta Bright said.
KLSE:MBRIGHT
