Engtex buys CBSB stake for RM4.7m

KUALA LUMPUR: Engtex Group Bhd has entered into a share sale and purchase agreement to acquire two ordinary shares of RM1 each in Corporate Benchmark Sdn Bhd (CBSB), which represent 67 per cent of equity interest in the latter. The company told Bursa Malaysia yesterday the purchase is meant to help Engtex expand its property development business and enhance its earnings potential. The purchase price of RM4.67 million was arrived at on a willing-buyer-willing-seller basis. CBSB is principally involved in property development and is the registered proprietor of a piece of leasehold land in Kuantan, Pahang, which has a net book value of RM1.65 million (as of 31 December 2012).