AWC shareholders approve 60% Trackwork stake buy

PETALING JAYA: AWC Bhd's shareholders have approved the acquisition of a 60% stake in Trackwork & Supplies Sdn Bhd.

Its CFO Richard Voon said all the resolutions tabled were approved at the EGM today.

Speaking to reporters after the EGM, he said the RM43.5 million acquisition will be completed early next month, after which it will start the consolidation process.

In addition, the dispute between Trackwork's international principal Gemac Engineering Machinery Co Ltd and Fajarbaru Builder Sdn Bhd will be fully settled once Gemac makes the final payment of RM5.6 million in December.

Earlier in June, Fajarbaru Builder made a RM19 million claim against Trackwork and Gemac for supplying defective machines, which delayed AWC's acquisition of interest in Trackwork.

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