KUALA LUMPUR (Sept 10): Hing Yiap Group Bhd’s acquisition of six companies from Asia Brand Group (ABG) for RM245 million is “fair” said independent adviser, Ferrier Hodgson, in a filing to Bursa Malaysia today.
Hing Yiap had earlier in July proposed to acquire six entities -- Anakku Sdn Bhd, Audrey Sdn Bhd, Mickey Junior Sdn Bhd, Asia Brands Global Sdn Bhd, Asia Brands Assets Management Sdn Bhd and Asia Brands HR Services Sdn Bhd---from ABG as part of its expansion.
The purchase consideration is to be satisfied by cash of RM179.3 million and the remainder of RM65.7 million via the issuance of 30.14 million new ordinary shares of RM1 each in Hing Yiap at an issue price of RM2.18 per share.