Oriental Holdings Berhad (KLSE:ORIENT) has entered into conditional share sale agreement to acquire remaining 49.5% stake in Selasih Permata Sdn Bhd from Boon Siew Sdn Bhd for MYR 650 million on October 13, 2022. The consideration for acquiring 34,984,125 ordinary shares is MYR 646.931 million paid in cash. The Proposed SPSB Acquisition is subject to the terms and conditions of the SPSB SSA. The Purchase Consideration of SPSB will be satisfied through a combination of bank borrowings and/or internally generated funds, the exact proportion of which will be determined at a later date. The non-interested stockholders of OHB at an extraordinary general meeting (?EGM?) to be convened and the approval from the Estate Land Board in relation to the transfer of the plantation properties under the Proposed Land Acquisitions being obtained by BESB and any other relevant authorities/parties, if required. The application to Bursa Securities in relation to the Proposals is expected to be made within a period of 1 month from the date of this announcement. Completion of the Proposed SPSB Acquisition shall take place within thirty (30) days from the Unconditional Date, unless otherwise varied by the parties in writing. The SPSB SSA may be terminated at any time prior to completion of the Proposed SPSB Acquisition. UOBKH has been appointed by the Company to act as the Principal Adviser for the Proposals. The Audit Committee and the Board in arriving at their views, have sought independent advice from the Independent Adviser for the Proposals. The Second Supplemental SSAs and Second Supplemental SPAs were executed to facilitate the further extension of the Cut-Off Date for the Supplemental SSAs and Supplemental SPAs. The transaction is expected to complete on August 31, 2023.

Oriental Holdings Berhad (KLSE:ORIENT) completed the acquisition of remaining 49.5% stake in Selasih Permata Sdn Bhd from Boon Siew Sdn Bhd on September 22, 2023.