Kumpulan Jetson Bhd is in negotiations to acquire a 51% stake in Magical Era (M) Sdn. Bhd. for RM32 million. Magical Era is a financial consultancy services firm that owns an unencumbered property in Alor Gajah, Malacca.
The acquisition proposal is currently in the form of a non-binding letter of intent (LOI), and further negotiations are needed to finalise the terms.
Jetson's subsidiary, Jetson Development Sdn. Bhd., is leading the negotiations, with Datuk Sri Baljinder Singh as the seller.
The LOI has a termination date of November 30, 2023, if a share sale agreement is not executed.
The acquisition aims to leverage the growth potential of prime industrial land and aligns with Jetson's expansion strategy.
As of now, the LOI is not expected to have an immediate financial impact on Jetson. None of the company's directors, major shareholders, or affiliated individuals have vested interests in the LOI, and the board believes the move is in the company's best interest.