Techfast’s current businesses include manufacturing of high precision fasteners. – Techfast website pix PETALING JAYA: Techfast Holdings Bhd has proposed to acquire a 35% stake in CCK Petroleum Sdn Bhd for RM26.25 million and proposed a diversification of its existing principal activities to include trading of petroleum products, oil bunkering and other related activities. The proposed acquisition is expected to increase and diversify Techfast group’s earnings base to include the petroleum trading business of CCK, thereby reducing the reliance of Techfast’s financial performance on its single business segment. In addition, part of the purchase consideration is to be satisfied via the issuance of consideration shares to the vendor, which will allow Techfast group to conserve cash without any immediate impact on its cash flow as opposed to being fully settled in cash or via borrowings.