We hope to complete the acquisition within 20 business days of the EGM

PETALING JAYA: AIC Corp Bhd has received the nod from its shareholders at an EGM for its proposed merger with Jotech Holdings Bhd and Autov Corp Bhd.

In July 2011, Temasek Formation Bhd, a special-purpose company owned by Datuk Goh Tian Chuan, who is also group executive chairman of Jotech and AIC, submitted the merger offer simultaneously to AIC, Jotech and Autov.

It will collectively acquire the business and undertakings of all the three companies for a total consideration of about Rm711mil to be satisfied via the issuance of new Temasek Formation shares.