Fuelsubs House Ini Mungkin Merosakkan Lagi Imej Kerajaan!
Datasonic Group Bhd will pay RM10mil for a 30% stake in Fuelsubs House Sdn Bhd (FHSB), a company that is bidding for a project to manage fuel subsidies.
The acquisition was conditional upon Fuelsubs securing a letter of award from the Government to implement the project, Datasonic said in a filing with Bursa Malaysia yesterday.
StarBiz had reported that Datasonic is eyeing participation in a project to allocate fuel subsidies.
Datasonic yesterday inked a share sale agreement (SSA) with HKS Primatrix Sdn Bhd, Habibul Rahman Kadir Shah, Datuk Razali Merican Naina Merican and Zaid Kadershah who currently own 36.4%, 33.6%, 25% and 5% respectively in Fuelsubs.
Datasonic said the proposed acquisition was in line with the market expansion strategy of the group and represented a good opportunity for it to expand its businesses and to participate in the project to be undertaken by Fuelsubs.
“Datasonic expects the proposed acquisition to contribute positively to its future earnings,” it said.
The SSA is conditional upon FHSB securing a letter of award from the Government to manage fuel subsidies and the non-fulfilment of the condition precedent might result in the SSA being terminated.