PETALING JAYA: Pan Malaysia Corp Bhd (PMC) has proposed to buy a controlling stake in A&W (M) Sdn Bhd for RM21.07mil from Inter Mark Resources Sdn Bhd.

       In a filing with Bursa Malaysia, PMC said it has entered into a sale and purchase agreement to buy a 51% stake in A&W Malaysia.

       The purchase will be satisfied through a combination of RM11.57mil cash and 63.11 PMC shares at 15 sen apiece.

       Inter Mark acquired A&W Malaysia from KUB Malaysia for RM34mil in 2018.

       PMC said the acquisition was expected to be completed by the third quarter of the financial year ending June 30, 2022.