GFM Services Berhad entered into agreement to acquire Era Gema Bina Sdn. Bhd from Noorida Binti Noor and Norhaslini Binti Norzaid for MYR 23 million.

GFM Services Berhad (KLSE:GFM) entered into agreement to acquire Era Gema Bina Sdn. Bhd from Noorida Binti Noor and Norhaslini Binti Norzaid for MYR 23 million on February 15, 2024. The consideration consist of MYR 4.6 million to be paid upon execution of the agreement and the balance MYR 18.4 million upon the completion of the Proposed Acquisition which is expected by the end of 2024.

The Deposit was satisfied entirely from the funds raised via GFM?s private placement exercise which was completed on 07.12.2022. As of May 31, 2023, Era Gema Bina Sdn Bhd reported net loss of MYR 0.005 million, and net assets of MYR 3.13 million.