KUALA LUMPUR: Borneo Oil Bhd has entered into a sale of shares agreement with MT 23 Resources Ltd (MT 23) to acquire 28.36 million shares or 22.49% of the existing equity interest in Makin Teguh Sdn Bhd (MTSB), a manufacturer of clinker and cement products, for RM73.56mil.

       In a filing with Bursa Malaysia, Borneo Oil said the purchase consideration will be satisfied by way of treasury shares transfer and cash from internally generated funds.

       Following an announcement made on April 7, MT 23 has transferred 19.54 million shares of the issued and paid-up share capital of MTSB to Borneo Oil, and agreed to sell a further 28.36 million MTSB shares.