Kuching (Sarawak), Thursday, 2 April 2015 – Cahya Mata Sarawak Berhad (CMSB – 2852), confirms it has entered into a conditional share purchase agreement with the State Financial Secretary on behalf of the State Government of Sarawak for the proposed acquisition of a 50% shareholding in Sacofa Sdn Bhd (Sacofa), a Sarawak based telecommunications infrastructure and services company.
This proposed acquisition will comprise ordinary shares for a consideration of RM186.79 million. The proposed acquisition is subject to a due diligence and other conditions that are precedent and typical in such cases, and will be funded by CMSB using its own internally generated funds and/or borrowings.
In making the announcement, Dato’ Richard Curtis, Group Managing Director, Cahya Mata Sarawak Berhad, said: “As a progressive and dynamic organisation with a proven track record of delivering results, with solid business management and investment strategies derived from sound business acumen, and a special focus on Sarawak and the Sarawak Corridor of Renewable Energy (SCORE), we look forward to working with the management and the other shareholders in Sacofa.
“While CMSB understands that our major stakeholders will have many questions about this acquisition, we have no further comment to make until the sale and purchase is concluded, at which time we will make a further statement.’’ This announcement comes 5 weeks after CMSB posted record profits, with a year-on-year pre-tax profit up 16% to RM341 million for the financial year ended 31 December 2014 (FY2014). The Group also reported a total revenue of RM1.67 billion for FY2014, an 18% increase from the corresponding year’s (FY2013) revenue of RM1.42 billion.