KUALA LUMPUR (April 10): Yee Lee Corp Bhd has acquired 1.3 million shares in associate company Spritzer Bhd, for a total of RM3.07 million in cash.

In a filing with the stock exchange today, Yee Lee said the acquisition was done at RM2.36 apiece, via an off-market transaction with its independent non-executive director, Datuk Mohd Adhan Kechik.

At the consideration price, the group’s acquisition of Spritzer’s shares is at a 0.9% premium to the share’s volume weighted average price of RM2.339 as at yesterday.

“The acquisition will be a good investment for Yee Lee to maintain its shareholding in Spritzer as Spritzer had continuously contributed positively to Yee Lee group’s profitability,” read the filing.

Following the acquisition, the fast-moving consumer goods distributor now has 60.49 million shares, representing 28.81% of the total number of issued shares in Spritzer, and it remains the largest substantial shareholder in the company.

The acquisition — which was satisfied wholly in cash — is not subject to shareholders’ approvals.

Yee Lee said the exercise is not expected to have any effect on the issued share capital, substantial shareholders’ shareholdings, gearing, as well as earnings and net assets per share, for its financial year ending Dec 31, 2018.

At market close today, shares in Yee Lee settled unchanged for a market capitalisation of RM400.45 million; while Spritzer fell three sen or 1.29% to close at RM2.30, and is valued at RM482.93 million.