KUALA LUMPUR, Ekovest Bhd and its major shareholder, Tan Sri Lim Kang Hoo, have once again agreed to extend the deadline to finalise the proposed acquisition of Credence Resources Sdn Bhd (CRSB), pushing it from Oct 1, 2025, to Oct 29, 2025.
In a filing with Bursa Malaysia today, the company said the latest extension was necessary to allow both parties additional time to deliberate on the structure of the deal and to continue discussions and negotiations on the terms of the definitive agreement.
Ekovest noted that this is not the first extension granted for the deal. The company has revised the timeline on several occasions, with the most recent extension made on Sept 30, 2025. Each extension, it said, reflects the complexity of the negotiations and the need to ensure that all stakeholders’ interests are taken into account before a binding agreement is finalised.
The proposed acquisition, first announced on Oct 28, 2023, involves the purchase of a 70% stake in CRSB for a total consideration of RM1.15 billion. If completed, the transaction would significantly strengthen Ekovest’s position in the infrastructure and property development sectors, while also broadening its investment portfolio.
Industry observers view the acquisition as a strategic move for Ekovest, which has been expanding its footprint in large-scale infrastructure projects and urban development initiatives. CRSB is expected to complement Ekovest’s existing businesses and potentially unlock synergies that could enhance long-term growth prospects.
Ekovest added that it remains committed to completing the proposed acquisition despite the multiple extensions. The group emphasised that the decision to extend the deadline underscores its cautious and deliberate approach, ensuring that the terms of the deal are aligned with the company’s financial and strategic objectives. The company assured shareholders that further updates on the progress of the proposed acquisition would be announced in due course.
