Takaso Resources to buy Dynavance

PETALING JAYA: Condom maker Takaso Resources Bhd proposes to go into the construction business through the acquisition of a 100% stake in Dynavance Construction Sdn Bhd.
In a filing with Bursa Malaysia last Friday, Takaso said Dynavance represents and warrants to deliver a minimum net profit after tax of RM12 million over 24 months from the completion of the sale and purchase agreement (SPA).
Dynavance also agreed to full disclosure for the due diligence exercise which will be a condition precedent to completion.
Both parties are expected to sign the SPA in relation to the proposed acquisition within seven working days from the date of the LOI.
Dynavance is a private limited company engaged in general construction, including the construction of superstructure work, external work and mechanical and electrical work. It also provides skilled and general workmen, materials, plants and machineries.
The company is currently undertaking two projects namely Laguna Biru and Elephant Gate worth RM140 million and RM10.52 million respectively.
It is working on the design, construction and completion of six blocks of low cost apartments at Laguna Biru as well as the construction and completion of earthworks and foundation works for an entertainment outlet at Elephant Gate.