Epicon buys 70pc stake in CESB

KUALA LUMPUR: Epicon Bhd acquired a 70 per cent stake in Concrete Empire Sdn Bhd (CESB) for RM24.5 million. This acquisition includes RM14.7 million in cash and the issuance of 26.67 million new shares at 30 sen each, valued at RM9.8 million. Epicon said as part of the agreement, CESB guarantees a profit of RM8 million for the financial years ending 2024 and 2025 — a critical transition phase. “CESB has granted Epicon a Call Option to acquire the remaining 30 per cent equity interest, subject to specific conditions,” it said in a Bursa Malaysia filing.