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Wednesday, February 12, 2014

White knight for financially-distressed IRM (Star)

Financially-distressed IRM Group Bhd will be seeing the emergence of a white knight in the form of automotive parts maker Permintex Automotive Sdn Bhd (PASB) to assist on the former’s regularisation plan, which includes a reverse takeover.

In a filing with Bursa Malaysia, the company said IRM had entered into an agreement with PASB to assist its unit, IRM Solar Sdn Bhd, to complete its 5 Megawatt solar energy farm in Perlis.

It said PASB had been identified as a potential white knight to assist IRM to regularise its financial conditions by undertaking a comprehensive regularisation plan comprising a reverse takeover and other ancillary restructuring exercises.

PASB is involved in the manufacturing and sale of precision injection moulding parts for automotive industry such as instrument panel, dashboard and bumper and other medium and small automotive parts for various car manufacturers.

PASB’s directors are namely Datuk Md Zin Bin Baharom and Ahmad Umar Bin Alisan.

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