Meta Bright (KLSE:MBRIGHT) proposed to acquire a 70% stake in TTOP Industrial & Engineering for 9.3 million ringgit, according to a Wednesday Malaysian bourse filing.
Shares fell over 6% in Thursday's midday trade.
The deal will be satisfied through a 1 million ringgit payment in cash and the issuance about of 51.8 million new shares at 0.16 ringgit each.
Upon completion, TTOP Industrial & Engineering will become a company unit.
The acquisition is expected to strengthen its exposure to energy infrastructure, trading and engineering services, Meta Bright said.
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