Chew Chong Keat entered into an agreement to acquire Exterian Enterprise Sdn Bhd from FM Global Logistics Holdings Berhad (KLSE:FM) for MYR 4.2 million.

Chew Chong Keat entered into an agreement to acquire Exterian Enterprise Sdn Bhd from FM Global Logistics Holdings Berhad (KLSE:FM) for MYR 4.2 million on August 29, 2023. As part of the agreement, FM Global purposes of disposing 50,000 ordinary shares, representing the entire share capital of Exterian Enterprise for a cash consideration of MYR 0.05 and a settlement agreement with Chew Chong Keat for the settlement of a sum of MYR 4.15 million in cash to FM Global by Chew Chong Keat as full and final settlement of part of the advances owing by Exterian Enterprise to FM Global. As of June 30, 2023, Exterian Enterprise reported Revenue of MYR 0.227 million, Profit after tax MYR 0.977 million and Net assets of MYR 0.807 million.

The proceeds derived from the Disposal will be utilised for working capital requirements and/or operations of FM Global.