Econframe Berhad (KLSE:EFRAME) proposed the acquisition of a 70% equity interest in Eta World Sdn. Bhd. from Eta Industries Sdn.

Bhd. for MYR 56 million. The acquisition, involving cash and issuance of new shares, aims to diversify Econframe's business into construction services and property development, focusing on industrial properties.

Econframe Group is presently involved in providing total door system solutions for property development. ETA World is an industrial property builder known for turnkey solutions. The proposed diversification is contingent on shareholder approval and is anticipated to contribute significantly to Econframe's financial performance, enhancing its position in the industrial property market.

The completion of the proposals is expected in the first half of 2024.