PETALING JAYA: Seni Jaya Corporation Bhd has secured shareholder approval for its proposed acquisitions of Unilink Outdoor Sdn Bhd and Vision OOH Sdn Bhd for a combined RM57.85 million, as well as a private placement exercise, according to its filing with Bursa Malaysia.

The acquisitions will be satisfied via a mix of cash and share issuance. The RM39.5 million purchase of Unilink will be settled with RM11.85 million in cash and RM27.65 million through the issuance of 87.5 million new shares at 31.6 sen each.

The RM18.35 million acquisition of Vision will be satisfied entirely through the issuance of 58.07 million new shares at the same issue price. In total, 145.57 million new shares will be issued as consideration.

In conjunction with the exercise, shareholders also approved a proposed private placement of up to 64.06 million new shares, representing up to 30% of the company’s existing issued shares, to independent third-party investors. Proceeds will be used to fund the cash portion of the Unilink acquisition, working capital, office renovation and related expenses.

Seni Jaya said the acquisitions are expected to expand its owned billboard portfolio from 270 to 458 units, strengthening its nationwide footprint and positioning the group to capture growth in the out-of-home (OOH) and digital OOH segments.

Chief executive officer Jeff Cheah See Heong said the enlarged platform will enhance operational synergies, deepen client relationships and support long-term value creation as the industry recovers.

The group will proceed with implementation of the proposals in accordance with regulatory requirements.

 The Sun Malaysia