KBB Resources Bhd (KLSE:KBB) entered into a share sale agreement to acquire 10% stake in World Granary Holding Limited from Ren Zhao Feng and Ting Ming Hung for MYR 1.8 million in stock on January 28, 2013. The consideration comprises of issuance of 35 million shares of KBB Resources of which, 28 million shares will be issued to Ren Zhao Feng and 7 million shares will be issued to Ting Ming Hung.

The transaction is subject to approval of the KBB's Board of Directors and shareholders, approvals of relevant authorities including but not limited to the approval from Bursa Securities for the listing of and quotation for the KBB shares issued as form of consideration, KBB being satisfied with the results of its due diligence investigation and consents or approvals as may be required of a relevant third party. The Board of KBB Resources, after having considered all aspects of the acquisition, is of the opinion that the terms and conditions of the proposed acquisition are fair and reasonable and are in the best interests of the KBB Group and its shareholders. The acquisition is expected to be earnings accretive and will contribute positively to the long-term future earnings and earnings per share of the KBB group.