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KUALA LUMPUR: Xelmont Ltd, an indirect wholly-owned subsidiary of Mudajaya Group Bhd, has entered into a share sale and purchase agreement with Minyi Holdings Ltd (MHL) to acquire the entire equity interest in Real Jade Ltd for RM224.32 million to be fully satisfied by cash.

In a filing with Bursa Malaysia today, Mudajaya said the proposed acquisition entails Xelmont taking 100 per cent equity interest in Real Jade, a holding company with subsidiaries principally engaged in the manufacturing and sales of cement and clinker, and cement trading in China.

The filing said the proposed acquisition represents "a horizontal expansion” for Mudajaya Group's trading and manufacturing segment, allowing the group to expand its revenue stream and also expand its business operations into China.

The proposed acquisition provides the group with an opportunity to "expand its geographical reach” outside of Malaysia and made inroads into China's construction materials manufacturing and trading sector, enabling the group to attain a wider market presence and marketability of its range of construction materials which can be offered to both local and international customers, the filing said.

Through the proposed acquisition, Mudajaya Group said it would gain a regional presence in the trading and manufacturing of the construction materials industry of China by virtue of its equity stake in Real Jade.

"Barring any unforeseen circumstances and based on the above, the proposed acquisition represents a strategic opportunity for Mudajaya to expand its trading and manufacturing segment and is expected to contribute positively to the enlarged group's future earnings," the filing said. - Bernama