Sunsuria Berhad (KLSE:SUNSURIA) entered into a shares sale and purchase agreement to acquire 80% stake in Mayer Land Sdn. Bhd. from Ong Thuan Bok and Kho Weng Kooi for MYR 0.8 million on June 22, 2023.

The proposed acquisition of 800,000 ordinary shares, representing 80% equity interest in Mayer Land Sdn. Bhd. (?MLSB?), for a total purchase consideration of MYR 0.8 million (?Purchase Consideration?).

As part of the transaction, Ong Thuan Bok will be sold 64% stake and Kho Weng Kooi will be sold 16% stake in Mayer Land Sdn. Sunsuria will pay MYR 0.64 million to Ong Thuan Bok and MYR 0.16 million to Kho Weng Kooi. Post-acquisition, Sunsuria will hold 80% stake, Ong Thuan Bok will hold 16% and Kho Weng Kooi will hold 4% stake in Mayer Land.

The purchase consideration shall be funded by Sunsuria through internally generated funds. The transaction is subject to approval of such banks and financial institutions who have existing banking and/or credit facilities with MLSB, where the terms of such banking and/or credit facilities expressly require the prior approval of the bank and financial institution. The transaction is not subject to the approval of the shareholders of Sunsuria or any regulatory authorities.

The Board is of the opinion that the collaboration is in the best interest of Sunsuria. For the year ended December 2022, Net Assets were of MYR 0.5 million, Revenue was of MYR 2 million, loss before tax was of CNY 1.3 million and Net Loss was of CNY 1.4 million. The board of Sunsuria has extended the window for the fulfilment of conditions to March 31, 2024.

The conditional period has been extended up to June 30, 2024.