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Home Forum Technology Reverse takeover of GPRO planned

Reverse takeover of GPRO planned
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9:48 am
May 14, 2011


shanti

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GPRO Technologies Bhd has entered into a heads of agreement (HoA) to acquire AB Technology Sdn Bhd (AB Tech), a precision casting and injection moulding firm, for RM140mil to be settled via the issuance of new shares. If the deal goes through, AB Tech’s owners Grand Intergroup Sdn Bhd and Whatever Investment Pte Ltd will emerge as the controlling shareholders of GPRO.

According to the statement, AB Tech utilises a patented technology to produce lightweight precision components of complex design, a capability highly demanded by industries such as consumer electronics, automotive, data storage, telecommunications, as well as industrial and medical equipment.

Meanwhile, GPRO told Bursa Malaysia that a detailed announcement on the proposed transaction would be made on the execution of the definitive agreement(s).
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