Malaysia's Deftech Acquires CTRM

Eagle Aircraft 150B is an Australian designed two-seat single-engine composite material training, touring and sport aircraft, manufactured in Malaysia by CTRM. (photo : CTRM)

Malaysia's DRB-Hicom Defence Technologies (Deftech) has entered into a share sale agreement with the government to acquire a majority stake in state-owned firm Composites Technology Research Malaysia (CTRM).

In a statement to the Bursa Malaysia stock exchange on 12 July, Deftech's parent company DRB-Hicom said that under its agreement with the Ministry of Finance (MoF), Deftech will acquire CTRM for a total cash consideration of MYR298 million (USD94 million).

The transaction will be secured through Deftech's MYR122 million purchase of 466.7 million shares, which represents a 96.78% stake in CTRM, with the remainder held by Malaysian oil and gas company Petronas.

(Jane's)