AcroMeta eyes 60% stake in sand mining concession in Malaysia

The company plans to pay via a convertible loan and a call option.

AcroMeta Group Limited has entered into a non-binding memorandum of understanding to acquire a 60% stake in Inadel Sdn Bhd, which owns the rights to a sand concession area offshore of Negeri Sembilan in Malaysia.

The concession covers an area of about 12.2 square kilometres and is located 5.6 nautical miles from Tg. Tuan coastline.

The vendors are Tunku Shahirzade Binti Tunku Azwil and Tengku Dara Binti Tengku Abd Razak.

AcroMeta plans to pay for the acquisition in two parts, starting by extending a convertible loan of $615,569.75 (RM2m) to Inadel. This will give AcroMeta the right to convert the loan into 50,000 new shares of Inadel.

AcroMeta will then acquire 100,000 new Inadel shares, or 40% of the total, worth $1.2m (RM4m). The group plans to pay not more than 12 million new shares at $0.100 each.

($1=RM3.2)

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