Puncak Niaga to acquire TRIplc's businesses

PETALING JAYA: Puncak Niaga Holdings Bhd is looking to acquire the businesses of construction and property firm TRIplc Bhd following the closure of its main oil and gas services subsidiary GOM Resources Sdn Bhd early this year.
In a filing with the stock exchange, TRIplc said it had entered into a heads of agreement (HOA) with Puncak Niaga to facilitate discussions and negotiations for a potential acquisition of its businesses by Puncak Niaga.
Puncak Niaga and TRIplc have agreed to a period of four months for TRIplc to provide information to Puncak Niaga to evaluate the proposed transaction.
Tan Sri Rozali Ismail and Central Plus (M) Sdn Bhd are major and/or substantial shareholders in both TRIplc and Puncak Niaga.
Puncak Niaga, which received about RM1.0 billion with the sale of its water assets last year, said it will make further announcements if there is any material development to the HOA.
For the six months ended Nov 30, 2015, TRIplc reported a 6.68% increase in net profit to RM5.13 million compared with RM4.81 million in the previous corresponding period.
TRIplc shares rose 2 sen to RM1.41 yesterday, bringing it a market capitalisation of RM93.55 million. Puncak Niaga was down 3 sen to RM1.34.