BRC Asia buys 19.1% stake in Angkasa for $16.1M

Post acquisition, BRC will own a 19.1% stake in Angkasa.

Mainboard-listed BRC Asia announced its proposed acquisition of 4.6 million ordinary shares in Angkasa Daehan Steel (Angkasa) for an initial consideration of $16.1m.

BRC Asia entered into a conditional sale and purchase agreement (SPA) with Daehan Steel (Daehan) and LTC Corporation (LTC), where BRC will acquire 4.6 million ordinary shares of Angkasa and Daehan will purchase the remaining 6.9 million shares from LTC.

Upon completion, BRC will hold 19.1% of the issued and paid-up share capital of Angkasa, whilst Daehan will hold the remaining 80.1% stake.

The acquisition will not have any material impact on either the net tangible assets per share or the earnings per share of BRC for FY2024, ending on 30 September.