The acquisition will be satisfied via cash payment of RM50 million and the issuance of 31.1 million new Ancom shares valued at RM46.7 million (fixed at RM1.50 per Ancom share). Ancom noted that Nylex will retain RM15 million cash in the company and be classified as a cash company upon approval by the Securities Commission Malaysia. The balance of RM81.7 million sales proceeds will be distributed to all shareholders of Nylex, other than Ancom, via cash payout of RM35 million and consideration shares valued at RM46.7 million, said Ancom. At the EGM, Ancom shareholders also passed the resolution of the proposed change of name of the group from “Ancom Bhd” to “Ancom Nylex Bhd”. Ancom shares were down by 4.41% or 13 sen to RM2.82, giving it a market value of RM723.8 million.

Source: The Edge Markets October 26, 2021 23:24 UTC