Asian Micro plans to acquire 4 Penang properties for RM1.6m

ASIAN Micro Holdings will issue about S$117,808 of shares for the right to buy four commercial units at Gurney Tower in Penang, Malaysia, for RM1.6 million (S$0.5 million).

The counterparty, one Chew Choon Beng, has options to purchase three units at Gurney Tower and also rights to a fourth unit in the same building. In total, the consideration for the four units is RM1.6 million.

Asian Micro, which makes precision trays but is diversifying into real estate, will issue to Mr Chew 9.8 million new shares at 1.2 Singapore cents per share and RM16,075 in cash as payment for assigning to the company the rights to the assets, and for reimbursement of agency fees.

The issued shares represent 1.56 per cent of the company's existing issued share capital, or 1.54 per cent of the enlarged share capital. The issue price was set at the volume-weighted average price of the stock on Nov 17.