Dinamik Holdings Bhd’s wholly owned subsidiary Serba Dinamik International Ltd (SDI) is buying stakes worth a total of RM6.49 million in two Netherlands-based companies.
In a filing to Bursa Malaysia last Friday, the engineering services company noted SDI has entered into two separate share sales agreements with Liberty Industries BV and Frank Koper for a 25% equity interest in Psicon BV and 100% equity interest in Psicon AVV respectively.
The purchase considerations will be satisfied entirely by cash, which will be financed through proceeds from the initial public offering (IPO) of Serba Dinamik, which was completed on Feb 8, 2017.
As disclosed in its IPO prospectus, RM95 million from the IPO proceeds have been identified for business expansions through investment and acquisition.
The proposed acquisitions are part of the group’s strategy to further develop its capabilities in the maintenance, repair and overhaul of rotating equipment, as well as gain access to projects and markets which are complementary to its operation. — TMR