Kanger buys into Sung Master

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PETALING JAYA: Kanger International Bhd has entered into a conditional share sale agreement for the proposed acquisition of a 51% stake in building materials supplier, Sung Master Holdings Sdn Bhd, for RM94.8mil.

In a statement, Kanger said the proposed acquisition will be satisfied by a combination of cash of RM52.0mil and the issuance of 713.2 million new Kanger shares at the issue price of RM0.06 each for the remaining RM42.8mil.

The cash consideration will be partially funded through the proceeds of a proposed agreement with Kanger’s executive director, Steven Kuah Choon Ching, for the subscription of 769.5 million shares.- TheStar