Rohas Technic extends due diligence deadline for HG Power purchase

PETALING JAYA: Rohas Tecnic Bhd is extending the deadline for its due diligence process on the acquisition of 75% stake in HG Power Transmission Sdn Bhd (HGPT) for RM101.67 million, by two weeks to July 24.
As per the heads of agreement (HOA) entered by Rohas Tecnic with PT Safe Tower Systems Sdn Bhd and Kemuncak Agresif(M) Sdn Bhd (KAMSB), the purchase is to be satisfied through RM22.50 million in cash, while the remaining will be satisfied through the issuance of new shares totalling 83.33 million shares at an agreed issue price of 95 sen.
The acquisition of HGPT which is principally involved in engineering, procurement, construction and commissioning (EPCC) activities and provision of turnkey solutions for high voltage transmission lines and substations, is expected to facilitate the continued growth of Rohas Tecnic.
Rohas Tecnic's shares rose RM0.02 or 1.9% to close at RM1.07 yesterday, for a market capitalisation of RM427.85 million.