Vizione enters HOA for proposed acquisition of Wira Syukur

PETALING JAYA: Vizione Holdings Bhd has entered into a head of agreement (HOA) to explore and further negotiate on the proposed acquisition of Wira Syukur (M) Sdn Bhd for RM280 million.
In a filing with Bursa Malaysia last Friday, Vizione said that it entered into the HOA with the vendors namely Datuk Ng Aun Hooi, Bee Jian Ming and Goon Mong Yee , which is to be satisfied via cash and the issuance of new ordinary shares in Vizione at the issue price of 11 sen per share.
Vizione is acquiring only the existing construction business and undertakings and order book of Wira Syukur, after taking into the account the current order status in respect of its existing projects; track record, experience and technical expertise; and the profit guarantee of RM82.59 million to be provided by the vendors.
Vizione will also fund the cash portion of payment, via private placement of new Vizione shares.
The proposed acquisition is subject to Vizione being satisfied with the results of the due diligence exercise on Wira Syukur, the approval of Vizione shareholders; financiers of Wira Syukur where required; and Bursa Malaysia.