Coastal Contracts Bhd (KLSE:COASTAL) acquired 20 percent stake in Jewel of Mabul Development Sdn. Bhd. on March 14, 2024. The consideration consists of MYR 18.98 million in cash. As part of the consideration, MYR 18.98 million was paid towards common equity. Jewel of Mabul Development Sdn. Bhd reported net loss of MYR 0.48 million and common equity of MYR 4.64 million. The aggregate capital outlay to be rendered by Coastal Contracts Bhd for the Sale Shares and subscription of New Shares of MYR 35 million is satisfied by cash.

Coastal Contracts Bhd (KLSE:COASTAL) completed the acquisition of 20 percent stake in Jewel of Mabul Development Sdn. Bhd. on March 14, 2024