Kejuruteraan Asastera Berhad completed the acquisition of PT Inpola Mitra Elektrindo from Sarawak Cable Berhad, Parulian Marpaung, Subari Rudi and Tiopan Hasudungan Marpaung.
As of July 29, 2022. Kejuruteraan Asastera Berhad (KLSE:KAB) entered into a entered into a conditional share purchase agreement. : In the event that the Mini Hydro is able to achieve a net export energy of 61.13GWh within one year of the date the SPA becomes unconditional , a sum of MYR 3 million being the Earned Out Profit, shall be payable to SCB. The Completion Amount and Earned Out Profit are intended to be funded via bank borrowings and internally generated funds. the Group is in the midst of obtaining a bank loan of MYR 66.83 million. As of 2021, PT Inpola Mitra Elektrindo reported a total revenues of MYR 3.253 million and Net income of MYR -1.36 million. The completion of acquisition is conditional upon completion of Proposed Diversification sustainable energy business. As on August 30, 2022, Kenanga Investment Bank Berhad has been appointed as the new financial Adviser of the Kejuruteraan Asastera Berhad (KLSE:KAB). As of September 7, 2022, Barring any unforeseen circumstances, the transaction will take immediate effect upon approval being obtained from the Shareholders at an EGM to be convened. As of October 17, 2022, KAB has received a letter dated October 13, 2022, from SCB informed that it would be unable to proceed with the fulfilment of conditions precedent and pre-handover issues of the SPA during the period of the Restraining Order. Thinkat Advisory Sdn Bhd acted as financial advisor to SCB. Mercury Securities Group Berhad acted as Financial advisor to Kejuruteraan Asastera Berhad. As on November 29, 2022 and November 30, 2022, On behalf of the Board of Directors of SCB, Thinkat Advisory Sdn Bhd wishes to announce that the Company and the Purchaser had mutually agreed to extend the Conditional Period for a period of 3 months from 28 October 2022 until 28 January 2023. As of December 13, 2022, On behalf of the Board of Directors of SCB, Thinkat Advisory Sdn Bhd wishes to announce that Bursa Securities resolved to grant SCB an extension of time up to February 28, 2023 to submit the draft circular in relation to the Proposed Disposal. In addition, the Unconditional Date is also varied from no later than 31 October 2022 to no later than 31 January 2023. Further, the Parties retain the option of extending the Conditional Period and Unconditional Date for an additional 3 months if mutually agreed by both Parties. KABEH and SCB have mutually agreed to extend the Conditional Period and the Unconditional Date for a further 3 months from January 31, 2023 until April 30, 2023. As of March 8, 2023 KAB granted further extension of time until 1 April 2023. The approval for the extension of time is subject to the condition that Kenanga IB re-submits the revised draft circular to Bursa Securities for clearance prior to printing. As of March 17, 2023, Thinkat Advisory advised that Leave from the High Court is obtained for the Proposed Disposal and is not affected by the extension of time for the Restraining Order obtained. Bursa Securities has, vide its letter dated 10 April 2023, resolved to grant KAB a further extension of time until 15 April 2023 to comply with Listing Requirements in relation to the issuance of the circular for the Proposed Acquisition with a condition that Kenanga IB re-submits the revised draft circular to Bursa Securities for clearance prior to printing. As of April 12, 2023, KABEH and SCB mutually agreed to extend the Conditional Period and the Unconditional Date for a further 3 months from April 30, 2023 until July 31, 2023. As of April 27, 2023, the shareholders of KAB Energy Holdings Sdn. Bhd. approved the deal. As per July 31, 2023 Share purchase Agreement has turned unconditional following the fulfilment and/or waiver of the conditions precedent of the Share purchase agreement, In addition, KAB Energy Holdings Sdn. Bhd. and the Vendors have entered into a supplemental agreement to include additional sums to be retained by KAB Energy Holdings Sdn. Bhd from the Completion Amount as security against the breach, default or non-compliance by any of the Vendors of their obligation in relation to the projected cashflows of PT Inpola Mitra Elektrindo under the Share Purchase Agreement.
Kejuruteraan Asastera Berhad (KLSE:KAB) completed the acquisition of PT Inpola Mitra Elektrindo from Sarawak Cable Berhad (KLSE:SCABLE), Parulian Marpaung, Subari Rudi and Tiopan Hasudungan Marpaung on August 28, 2023. Accordingly, PT IME has become a wholly-owned subsidiary of KAB.