KUB Malaysia Bhd has accepted an offer from Nippon Sheet Glass Co Ltd (NSG) to acquire its 15% stake in Malaysian Sheet Glass Bhd (MSG) for RM32.6 million in cash, or RM2.68 per share.
Acting in concert with Tomen Corporation, Nippon Sheet Glass had on Dec 9 offered to acquire the remaining 51% stake in MSG at a cash offer of RM2.68 per share. KUB yesterday said it was expected to generate a gain of about RM25 million arising from the proposed disposal.MSG makes glass and glass related products.
Meanwhile, KUB said its consortium with Multi Discovery Sdn Bhd had accepted a RM23.31 million contract from Tenaga Nasional Bhd for a sub-station-related works.