Lokatech Sdn Bhd entered into an agreement to acquire Amtel Engineering Sdn Bhd from Amtel Holdings Berhad (KLSE:AMTEL) for MYR 1.1 million on December 15, 2017. As per the terms of consideration, MYR 0.3 million shall be paid upon execution of the agreement and the balance of MYR 0.8 million shall be paid within 60 days from the date of the agreement. Upon completion of the transaction, Amtel Engineering Sdn Bhd will cease to be a subsidiary of Amtel Holdings Berhad. For the period ended October 31, 2017, Amtel Engineering Sdn Bhd reported net assets of MYR 1.1 million and net loss of MYR 0.14 million. Net proceeds from disposal will be utilized as working capital for Amtel Holdings Berhad. The disposal will not have a material effect on the consolidated earnings, net assets and gearing of AHB Group for the financial year ending November 30, 2018. The transaction is expected to be completed within 60 days from the date of the agreement. Lokatech Sdn Bhd completed the acquisition of Amtel Engineering Sdn Bhd from Amtel Holdings Berhad (KLSE:AMTEL) on January 9, 2018. As of January 9, 2018, Amtel Holdings Berhad received the final payment of MYR 0.8 million.