Puncak Niaga gets SC approval to buy TRIplc for RM210m

PETALING JAYA: Puncak Niaga Holdings Bhd has obtained the Securities Commission’s (SC) approval to acquire the entire stake in TRIplc Bhd from Pimpinan Ehsan Bhd for RM210 million.
The proposed purchase, first announced in December 2016, is aimed at enhancing Puncak Niaga’s construction segment revenue and the group’s long-term growth prospects.
Puncak Niaga told the stock exchange yesterday the proposed deal involved the acquisition of the entire issued share capital of TRIplc, free from encumbrances together with all rights, benefits, title to and entitlements.
It noted that TRIplc Group must meet the profit requirements of the SC’s equity guidelines of having an audited after-tax profit of at least RM6 million for the financial year ended May 31, 2017, prior to commencement of the acquisition.
TRIplc posted an unaudited net profit of RM20.6 million for the financial year ended May 31, 2017, on RM71 million revenue.
Puncak Niaga’s share price was up 4.5 sen to 76 sen yesterday, while TRIplc’s share price was up 40 sen to RM2.05. Puncak Niaga has a market capitalisation of RM339.9 million, and TRIplc a market capitalisation of RM140.7 million.