Glomac Berhad (KLSE:GLOMAC) agreed to acquire remaining 49% stake in Glomac Bina Sdn Bhd from Tan Sri Dato' Mohamed Mansor bin and Mohd Yasin Loh bin Abdullah for MYR 16.3 million on April 12, 2023. As per the transaction, Glomac Berhad will acquire 1.372 million shares. Post acquisition, Glomac Berhad will hold 100% stake in Glomac Bina.

Tan Sri Dato' FD Mansor will sell 1.092 million shares and Mohd Yasin Loh bin Abdullah will sell 0.28 million shares. Consideration is expected to be satisfied entirely from Glomac Berhad's internally generated funds. Transaction is subject to approval from Glomac Berhad's shareholders.

MIDF Amanah Investment Bank Berhad acted as financial advisor to Glomac Berhad. For the period January 2023, Glomac Bina Sdn had MYR 63.87 million of total assets