Mofaz acquires majority shares in YCM ConstructionJanuary 14, 2018
Kumpulan MOFAZ Sdn Bhd and YCM Construction Sdn Bhd yesterday agreed to the former’s intention to purchase and acquire shares 70% of YCM’s shares in a deal that would boost the construction business for both entities.
“The signing of the agreement went beyond the normal expectation of business deal because both companies are family owned and now are preparing their next generation from both families which is Malay and Chinese to take the business to the next level.
“This mark the culmination of the best talents from both families to achieve business harmony and excellence in the construction and property development industry,” said Mofaz in a media release.
The current projects in the pipeline include 2789 unit of housing, which are 800 units of PRIMA housing in Dengkil,400 units of MAWIP housing in Sg Penchala,300 units of apartment in Kota Bahru, 189 units of apartment, 16 shoplots, Mercedes and Honda car showroom in Langkawi, 1400 units of condominium, 4 units of luxury boutique apartment and Honda 35 Service center in Sg Penchala.
“With a GDV of RM 2 billion, MOFAZ is helping to increase bumiputra participation in Construction and Property Development industry through private initiatives,” said the company.
The Merger and Acquistion agreement was signed by Mohamed Fauzy Abdul Hamid, President of Kumpulan MOFAZ Sdn Bhd (MOFAZ) and Yap Chee Meng, Managing Director of YCM Construction Sdn Bhd
MOFAZ is a family owned business company established in 1976 is a distinctively Malaysian business conglomerate with over four decades of experience providing quality offerings in the Marine, Aviation, Motorsports, Automotive lndustry, lnternational & Domestic trading, Hospitality & Services sectors as well as
Construction, said the media release.
YCM is also a family owned company established in 1986 with its nature of business being building construction, renovation interior decoration works and trading of building materials.
YCM an ISO 9001:2008 and G7 company with the long establishment in the building altogether wishes to expand further for a potential initial public offering.