KUALA LUMPUR, Ekovest Bhd and its major shareholder Tan Sri Lim Kang Hoo have mutually agreed to extend the deadline to finalise the proposed acquisition of Credence Resources Sdn Bhd (CRSB) to August 29, from the original date of July 28.
In a filing with Bursa Malaysia, Ekovest said the extension allows additional time for the parties to evaluate the proposed deal and to continue discussions and negotiations on the terms of the definitive agreement.
The company also announced the appointment of MBSB Investment Bank Bhd as the principal adviser and Astramina Advisory Sdn Bhd as the financial adviser for the acquisition.
The proposed deal, announced on October 28, 2023, involves Ekovest acquiring a 70% stake in CRSB for RM1.15 billion. The acquisition forms part of a broader consolidation plan aimed at streamlining Lim’s shareholdings across various companies.
