Radiant Globaltech Bhd shareholders have approved the acquisition of an 80% stake in Grand-Flo Bhd’s wholly-owned subsidiary Grand-Flo Spritvest Sdn Bhd for RM11.6 million cash at its EGM today.
Radiant Globaltech managing director Paul Yap Ban Foo said the acquisition of GF Spritvest allows it to expand its customer base beyond the retail segment into the FMCG, electronics and utilities industries. With majority of its clients from the essential services sectors, this provides business sustainability through various economic cycles.
The acquisition is also supported by a service agreement with GF Spritvest director and CEO Cheng Ping Liong, who will continue to lead GF Spritvest. Further, Cheng would provide a cumulative net profit guarantee of RM3.2 million from the completion date of the share sale agreement until the financial year ending Dec 31, 2022.
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Source: staronline - 🏆 4. / 75 Read more »