NCT unit buys stake in builder for RM36mil

PETALING JAYA: NCT Panorama Sdn Bhd, a full subsidiary of NCT Alliance Bhd (NCT), has entered into a share sale agreement to purchase 55.72% of Grorich Corp Sdn Bhd (GCSB) for a consideration of RM36mil.

GCSB is a Sabah-based firm primarily engaged in construction and engineering.

The shares are to be secured from Datuk Yap Yiw Sin and his wife Datin Ang Guan Foo, who are holding 43.6% and 12.12% of GCSB respectively. Yap is the chairman and a director of GCSB.

The purchase will be satisfied with RM3.6mil through the transfer of 7,500,000 existing treasury shares in NCT at 48 sen per consideration treasury share, while the balance RM32.4mil is to be fulfilled via the issuance and allotment of 67,500,000 ordinary shares in NCT at the same price per share.