Yahoo Finance Accrelist to acquire 28.5% stake in MClean Technologies for RM9 mil
Post-completion, Accrelist may explore potential strategic collaboration and cross-selling opportunities.
Accrelist subsidiary Accrelist Qzg Crowdfunding has entered into a sale and purchase agreement to acquire 56,269,397 ordinary shares in the capital of MClean Technologies Bhd — representing approximately 28.5% of its issued and paid-up capital — for RM9 million ($2.59 million).
MClean is listed on Bursa Malaysia’s ACE Market. It is principally engaged in the business of providing surface treatment, precision cleaning and packaging services. It has a track record of more than 20 years, mainly operating in Malaysia and Singapore with a smaller operation in Thailand. For 1QFY2024 ended March, MClean reported earnings of RM236,000.
Post-completion, Accrelist may explore potential strategic collaboration and cross-selling opportunities to expand its customer base, it said in a filing.
The proposed acquisition does not change the principal business or cause a material change in the risk profile of the company, which is primarily in the aesthetics business, as well as the injection moulding business carried out under its subsidiary Jubilee Industries Holdings Nhd.
The consideration will be funded by internal resources.
Shares in Accrelist traded flat on June 25 at 4.8 cents.
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