Ancom Logistics Bhd (ALB) has offered to purchase Green Lagoon Technology Sdn Bhd’s whole share capital for RM120 million in return for one billion new ALB shares at a 12 sen issue price each.
ALB and its holding company, Ancom Nylex Bhd, made separate announcements with Bursa Malaysia. It stated that the purchase is subject to a profit guarantee, whereby Green Lagoon is required to contribute a minimum of RM8 million in profit after taxes for the first year following the proposed acquisition and a minimum of RM10 million in profit after taxes for the second year.
In addition, ALB suggested to Ancom Nylex a private placement of up to 183.33 million more shares for a maximum of RM22 million. Upon completion of the proposed purchase, its total percentage of direct and indirect shareholding in ALB’s share capital would be tough to surpass 21% of ALB’s issued and paid-up share capital.
Additionally, ALB offered to sell Ancom Nylex and all of its subsidiaries at an independent value, which would be settled in cash on terms and conditions to be decided subsequently. Ancom Nylex officials stated that the planned purchase of Green Lagoon, a domestic provider of environmental solutions, will help it reach its objective of complete decarbonization by 2025. Green Lagoon is an expert in the planning, building, running, and maintenance of biogas plants, efficiently converting waste into useful resources.
Ancom Nylex revealed its most recent financial results earlier on Monday. The company’s nine-month net profit to February 29, 2024, was an all-time high of RM63.03 million, up from RM56.95 million in the prior equivalent period. At 6.64 sen, the group’s earnings per share increased from the preceding 6.4 sen. The company credited its agrichem division, which saw higher sales of goods with higher profit margins, for the strong net profit performance. It stated that the agrichem segment’s 9MFY24 earnings before interest and tax (EBIT) increased 23.4% from the previous year.
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