CMS acquires 80% stake in Betong Premix Sdn Bhd.

PETALING JAYA: Cahya Mata Sarawak Bhd's (CMS) 51% owned subsidiary CMS Resources Sdn Bhd(CMSR), has acquired an 80% equity interest in Betong Premix Sdn Bhd for RM1.83 million, in a bid to increase its premix operations and production capacity.

CMS's board of directors announced in a Bursa Malaysia filing, that CMSR had acquired 500,000 ordinary shares and 100,000 ordinary shares in Betong from Umang Nangku Jabu and Gelayan Anak Mambang respectively for the aforementioned amount.

Following the acquisition, Betong will become a 80% owned subsidiary of CMSR, while the remaining 20% equity interest will be held by Umang Nangku Jabu.

"The acquisition will not have any material effect on the earnings per share, net assets per share, share capital, gearing and substantial shareholders' shareholdings of CMSB for the financial year ending 31 December 2017," the board said.

CMS's shares gained 1.46% to close at RM4.16 on Friday with some 252,700 shares changing hands, bringing its market capitalisation to RM4.36 billion.