Carimin Petroleum to buy dormant firm for RM1.6m

PETALING JAYA: Carimin Petroleum Bhd’s unit Carimin Engineering Services Sdn Bhd (CES) has proposed to buy 100% equity interest in Fazu Resources (M) Sdn Bhd (Fazu) for RM1.6 million cash.
Fazu, which has rights to a piece of land totalling 21,130 square meters in Kawasan Perindustrian Teluk Kalung, Terengganu, is currently dormant.
In a filing with Bursa Malaysia on Friday, Carimin said the proposed acquisition would enable the group to develop the land and expand its fabricating facilities for its business operations.
Upon completion of the proposed acquisition, Fazu will become a wholly-owned subsidiary of CES and ultimately the group.
It said the purchase consideration was arrived at on a willing buyer-willing seller basis based on the unaudited adjusted net asset of the company as at Oct 31, 2017.
The purchase consideration will be wholly satisfied by cash through internally generated funds, it added.
Carimin slipped 2.82% to 34.5 sen last Friday on some 296,300 shares done.