Guan Kok Beng, Guan Shaw Yin and Guan Shaw Kee entered into a conditional share sale agreement to acquire Dynaspan Furniture Sdn. Bhd. from Eurospan Holdings Berhad (KLSE:EUROSP) for MYR 38.90 million on August 24, 2023.

As part of the agreement, Eurospan Holdings will sale of 2,600,000 ordinary shares in DFSB (?DFSB Shares?) and 15,000,000 non-cumulative redeemable convertible preference shares in DFSB, representing the entire equity interest in DFSB for a total disposal consideration of MYR 38.9 million. As of May 31, 2023, Dynaspan Furniture reported revenue of MYR 16.35 million, Loss before tax of MYR 4.901 million, Loss after tax MYR 4.901 million, total assets of MYR 19.092 million and total equity of MYR 17.644 million. The transaction is subject to approval of the non-interested shareholders of Eurospan Holdings at an EGM to be convened, consent from Tenaga Nasional Berhad for the transfer of the EFSB Properties by EFSB to DFSB pursuant to the Proposed Disposal of EFSB Properties, the written approval from the State Forestry Department of Pulau Pinang for the change of shareholdings in DFSB and the discharge of corporate guarantee given by DFSB to United Overseas Bank (Malaysia) Berhad in respect of banking facilities granted to EFSB being obtained and approval by third parties.

The transaction has been approved by the Board of Directors of Eurospan Holdings. The transaction is expected to complete by end of February 2024. TA Securities Holdings Berhad acted as financial advisor and MainStreet Advisers Sdn Bhd acted as the Independent Adviser to Eurospan Holdings Berhad.

Eurospan Holdings Berhad and Guan Kok Beng, Guan Shaw Yin and Guan Shaw Kee on February 23, 2024 have extended the cut off date for the fulfilment of the Conditions Precedent to June 24, 2024.