PETALING JAYA: Amtel Holdings Bhd has proposed a series of corporate exercises. These include the acquisition of industrial land in Perak.
They also include a private share subscription.
The group is seeking a waiver from a mandatory takeover offer. It also plans to diversify into motor vehicle manufacturing and assembly.
In a filing with Bursa Malaysia, the group said its wholly owned subsidiary Amtel Cellular Sdn Bhd will acquire a parcel of agricultural land with industrial conversion potential in Muallim, Perak for RM23mil cash from Kat Ventures Sdn Bhd, a company linked to Amtel executive director and group chief executive Chester Koid.
The 8.09 ha site is intended for the construction of a factory to support Amtel’s motor vehicle business, particularly the manufacturing and assembly of low-speed vehicles such as golf carts.