Avarga, on March 1, has acquired 78.1 million shares representing 10% of the total issued and paid-up share capital of Bursa-listed Straits Inter Logistics Berhad at 17.5 sen (5.75 cents) from a third party by way of a married deal.

The total consideration of the acquisition is RM13.7 million or $4.5 million.

According to Avarga, the acquisition is to further the company’s investment business, which “focuses on identifying new investment opportunities locally and overseas that has the potential to increase revenue streams and produce good returns on investments”.

SEE:Avarga achieves record revenue and profitability for FY20; proposes final dividend of 0.78 cents

Avarga’s executive chairman is Tong Kooi Ong, who is also chairman of The Edge Media Group, the parent company of the publisher of The Edge Singapore. Ian Tong, CEO of Avarga, is also an executive director of The Edge Media Group.

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As at 12.32pm, shares in Avarga are trading 4.5 cents lower or 12.3% down at 32 cents.