KUALA LUMPUR: Oldtown Bhd has acquired Old Town (M) Sdn Bhd’s (OTM) 70 per cent stake in Advance City Ltd (ACL), an indirect unit of Oldtown, for HK$67 million (HK100=RM47.08)
OTM is a wholly-owned subsidiary of Oldtown.
In a filing to Bursa Malaysia today, Oldtown said after the acquisition, ACL would become its direct 70 per cent-owned unit.
Oldtown said the internal reorganisation would not have any effect on its issued and paid-up share capital and its substantial shareholders’ shareholdings.
It would also have no effect on the earnings, net assets or gearing of the company on a onsolidated basis, it said.
“None of the directors or substantial shareholders of Oldtown or any persons connected with them has any interest whether direct of indirect in the aforesaid internal reorganisation,” it said.
HK-incorporated ACL is involved in marketing of beverages. – BERNAMA