PETALING JAYA: Milux Corp Bhd has proposed to acquire the entire equity interest in Movon Sdn Bhd for RM150mil, with the purchase to be satisfied entirely through the issuance of 220.59 million new Milux shares at an issue price of RM0.68 each.

In a filing with Bursa Malaysia, Milux said it had entered into a conditional share sale agreement with Abletech Solutions Sdn Bhd and Datuk Lim Jee Gin, as well as Movon and nominated parties, to acquire 298.15 million Movon shares, representing 100% of its issued share capital.

Milux said the proposed acquisition is aligned with the group’s strategy to strengthen its position in the home appliances and household products segment by offering a more comprehensive range of products and services.

“Milux predominantly offers traditional household appliances, with a focus on small kitchen appliances, gas appliances, as well as home and electrical appliances, whereas Movon specialises in Internet of Things-enabled smart home appliances like smart washers and/or dryers, refrigerators and air conditioners,” it said.

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