KUALA LUMPUR: Pos Malaysia Bhd has accepted the conditional offer from DRB-Hicom Bhd which seeks to sell its entire stake in KL Airport Services Sdn Bhd (KLAS) and a parcel of freehold industrial land in Petaling Jaya, Selangor, to the postal services company for a total amount of RM835.16mil.

Pos Malaysia said in a statement on Wednesday said the offer was subject to the results of a due diligence exercise to be conducted by the company and execution of the sale and purchase agreements (SPA) within the exclusivity period.

It said the SPA would be executed within three months from the acceptance of the offer or such other mutually agreed period.

On Dec 10, DRB-Hicom issued an offer to Pos Malaysia to sell its entire equity interest in KLAS and a parcel of freehold industrial land in Petaling Jaya held by Hicom Indungan Sdn Bhd, an indirect wholly-owned subsidiary of DRB-Hicom.

The acquisition will be satisfied via the issuance of 250.79 million new ordinary shares in Pos Malaysia at an issue price of RM3.33 a share. - Bernama