KUALA LUMPUR (March 10): Insas Bhd said its share sale and purchase agreement (SSPA) with furniture maker SYF Resources Bhd  has become unconditional.

The agreement was signed to facilitate Insas' proposal to list its stockbroking arm M&A Securities Sdn Bhd through a reverse takeover (RTO) of SYF Resources.

"On behalf of the board of Insas, M&A is pleased to announce that all the conditions precedent in the SSPA have been fulfilled, and the SSPA has become unconditional," Insas said in a bourse filing on Friday (March 10).

The RTO would involve SYF acquiring 100% of M&A Securities for RM222 million, to be satisfied through the issuance of 1.01 billion SYF shares to Insas at 22 sen each.

SYF will also dispose of its rubber wood furniture manufacturing arm Seng Yip Furniture Sdn Bhd to Mieco Chipboard Bhd for RM50 million in cash, and sell two parcels of land in Cheras for RM21.2 million cash.

SYF will be renamed as M&A Equity Holdings Bhd once the RTO is completed.

Insas’s share price closed unchanged at 78 sen on Friday, giving the group a market capitalisation of RM537.39 million.

SYF also closed flat at 39.5 sen, valuing the company at RM223.94 million, while Mieco finished unchanged too at 63 sen for a market capitalisation of RM630 million.

Read also:
https://www.theedgemarkets.com/article/insas-gets-sc-greenlight-proposed-rto-syf-list-ma-securities
https://www.theedgemarkets.com/article/insas-list-ma-securities-rto-syf-resources-valuing-stockbroker-12-times-book-value