Business Update18 Jul 2024, 10:56 pm
20 Microns Ltd. Acquires 100% Stake in Two Malaysian Companies for INR 27.00 Crores
AI Summary
20 Microns Ltd. has announced the acquisition of 100% equity shares of Goh Teik Lim Quarry SDN BHD and IQ Marbles SDN BHD through its subsidiary 20 Microns SDN BHD, Malaysia. The total value of the acquisition is not exceeding RM 15,100,000 (Approx. INR 27.00 Crores). Post-acquisition, Goh Teik Lim Quarry SDN BHD and IQ Marbles SDN BHD will become step-down subsidiaries of 20 Microns Limited. The companies are engaged in the extraction and processing of high purity limestone.
Key Highlights
- 20 Microns Ltd. has signed share purchase agreements for 100% equity shares of Goh Teik Lim Quarry SDN BHD and IQ Marbles SDN BHD for INR 27.00 Crores.
- The acquisition will make Goh Teik Lim Quarry SDN BHD and IQ Marbles SDN BHD step-down subsidiaries of 20 Microns Limited.
- Goh Teik Lim Quarry SDN BHD is engaged in the extraction and processing of high purity limestone with a quarry of high purity limestone reserves.
- IQ Marbles SDN BHD possesses a strategic land adjacent to GTLQ quarry for limestone processing operations of GTLQ.
- The acquisition does not fall under related party transactions and none of the promoter/promoter group/group companies have any interest in the entities being acquired.