Eng Tech in MOU acquire 70pc of Kobe Precision.

ENG Teknologi Holdings Bhd has entered into a memorandum of understanding (MOU) with Kobe Steel Ltd of Japan to acquire 70 per cent of Kobe Precision (Malaysia) Sdn Bhd.

Kobe Steel currently holds 100 per cent equity interest in Kobe Precision (Malaysia), which has an issued and paid-up share capital of RM29 million.

In a statement to the Kuala Lumpur Stock Exchange (KLSE), Eng Teknologi said the proposed acquisition will be undertaken via the subscription of new shares and the disposal of existing shares in Kobe Precision (Malaysia), for which the total consideration will be finalised after business and investment assessments of Kobe Precision (Malaysia) …