Kawan Renergy Berhad announced that its wholly-owned subsidiary has entered into a Share Subscription Agreement and a Supplemental Agreement on the proposed acquisition in I Precision Sdn. Bhd a machining solutions provider for the high-tech industry, especially in the oil and gas industry.
Upon completion of the Proposed Acquisition , the company will become a 51% subsidiary of Kawan Renergy through KESB.
"This acquisition is going to be a game-changer for KESB" said Ir. Lim Thou Lai,
Managing Director of Kawan Renergy. He added "I Precision's state-of-the-art facility and expertise in machining solutions perfectly complement our capabilities. This will allow us to undertake more complex projects, secure major contracts, and gain a competitive edge in the oil & gas industry."
The group said the Proposed Acquisition will be financed through internal funds and/or external financing.
