Under the terms of the deal, Enviro-Hub will pay a cash consideration of $23.4 million and issue 292.5 million new shares at a pre-determined price of 8 cents apiece, which amounts to a total value of $23.4 million.
Enviro-Hub Holdings has served a letter of demand to the owners of Pastel Gloves Sdn Bhd (PGSB) demanding the payment of RM23 million ($6.95 million), following the inability of the owners to meet the profit guarantee set out during the proposed acquisition in 2021.
Enviro-Hub first set out to acquire the remaining 75% stake in its associate company, PGSB, in 2021 for $46.8 million in a 50-50 cash and share transaction. With this, PGSB will become a fully-owned subsidiary of Enviro-Hub.
