KUALA LUMPUR (Jan 5): Global Oriental Bhd, which bought a 55% stake in a car park management firm for RM27.5 million late last year, has proposed to acquire the remaining 45% stake for RM22.5 million.

The group is buying the 45% in EdisiJuta Parking Sdn Bhd (EPSB) from Edisijuta Sdn Bhd and Cahaya Impian Sdn Bhd, according to a bourse filing on Friday.

Both acquisitions represent a price-earnings multiple of 9.9 times, based on the EPSB’s profit after tax of RM5.05 million for the financial year ended Dec 31, 2022.

Global Oriental said the takeover of EPSB will enable the group to diversify into the car park operations business.

Global Oriental's revenue is mainly derived from its property development business, which contributed RM354.70 million or 90.34% of total revenue for the financial year ended on March 31,2023.

The group said the acquisition will be funded by internally-generated funds and is expected to be completed in the first quarter of 2024.

Shares in Global Oriental closed unchanged at 22 sen, valuing the group at RM97.85 million.

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Global Oriental acquiring 55% stake in car park management firm