Lafarge Malayan Cement Berhad announced that its wholly-owned subsidiary, Lafarge Aggregates Sdn Bhd (LASB), has signed an agreement to acquire the entire issued and paid up share capital of Mutiara Kuari Sdn Bhd (MKSB) for RM15m (US$3.9m).
Under the agreement signed on 15 Oct 2004, LASB will acquire one million shares in MKSB, which operates a granite quarry at Pantai Remis, in Manjung in the Malaysian state of Perak, it said in a filing to Bursa Malaysia.
It said the proposed acquisition will be financed via internally generated funds or borrowings of the Lafarge Malayan Cement Group.
LMCB said the proposed acquisition is in line with the group’s strategic expansion into the aggregates business and allows LASB to participate in the consolidation of the aggregates industry in Peninsular Malaysia.
The group will also be able to tap into Lafarge S.A’s strong technical expertise and wide knowledge base and its experience in the aggregates business.
Lafarge S.A. is the holding company of LMCB and has a worldwide presence in the aggregates industry and ranks second in the global aggregates business.