Casa Holdings selling all shares in Fiamma Holdings for $24.34m

The four buyers are managing directors of different Malaysian companies.

Casa Holdings Limited, a Singapore-listed electronic home appliance trading company, is disposing of all of its shares in Fiamma Holdings Berhad for about $24.34m (RM84.62m).

Over 74.88 million shares are being sold, representing approximately 14.12% of the issued and paid-up share capital of Fiamma Holdings, a Malaysian home appliance company.

In an SGX filing, Casa Holdings said that it has entered into four conditional share sale agreements with the following purchasers: Lau Kim San, Teo Lay Ban, Low Peng Sian @ Chua Peng Sian, and Por Teong Eng.

Lau Kim San, managing director and major shareholder of Master Tec Group Berhad, is buying over 25.09 million shares for a purchase consideration of about $8.15m (RM28.35m).

Teo Lay Ban, who is buying 23.4 million shares for $7.6m (RM26.44m), is the managing director and major shareholder of Telada Group Berhad.

Low Peng Sian @ Chua Peng Sian, the managing director and major shareholder of Sern Kou Resources Berhad, is buying 10 million shares for $3.25m (RM11.3m).

Finally, Por Teong Eng– managing director and shareholder of Mestron Holdings Berhad– is purchasing the remaining 16.4 million shares for $5.33m (RM18.53m).

Dato’ Lau, Teo, Low and Por were introduced to the Company by the solicitors acting for the Purchasers. No fees or commissions were paid for such introduction, Casa Holdings said in a statement.

(S$1 = RM3.48)