Xelmont Ltd, an indirect wholly-owned subsidiary of Mudajaya Group Bhd, has entered into a share sale and purchase agreement with Minyi Holdings Ltd to acquire the entire equity interest in Real Jade Ltd for RM224.32mil to be fully satisfied by cash.
In a filing with Bursa Malaysia yesterday, Mudajaya said the proposed acquisition entails Xelmont taking 100% equity interest in Real Jade, a holding company with subsidiaries principally engaged in the manufacturing and sales of cement and clinker, and cement trading in China.
The filing said the proposed acquisition represents “a horizontal expansion” for Mudajaya Group’s trading and manufacturing segment, allowing the group to expand its revenue stream and also expand its business operations into China.
