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90% of Borneo Technical to be Purchased by Solid Automotive

In a memorandum of understanding (MoU) published on the 2nd of April 2018, the Board of Directors of Solid Automotive Berhad announced that they were due to acquire a 90% stake in Borneo Technical.

Borneo Technical was founded in Malaysia back in 1975 and its principal activities are focused on the marketing and distribution of automotive replacement parts, industrial supplies and marine products.

Solid Automotive stated that the MoU was drawn up to allow a period of due diligence to be performed on Boreno Technical and to allow further negotiation of the terms and conditions for the proposed acquisition agreement.

Solid Automotive also explained their rationale behind the proposed acquisition in the MoU, “Borneo Technical possess the required distribution network, product range and brand name and reputation in line with Solid’s plans for the expansion of its automotive aftermarket business.”

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