Furniweb Holdings Limited (SEHK:8480) entered into the sale and purchase agreement to acquire the remaining 62.8% stake in Energy Solution Global Limited from Dato' Ng Yan Cheng for MYR 31.4 million on June 8, 2022. As per the terms, 6,275 ordinary shares will be acquired. 25% of the Consideration in the sum of MYR 7.9 million, shall be satisfied by the allotment and issuance of the consideration Shares of 41,565,600 upon Completion, 25% of the consideration of MYR 7.9 millions shall be paid by cash on the date falling six (6) months from the completion date and the remaining 50% of the Consideration in the sum of MYR 15.7 million shall be paid in cash if and only if Energy Solution achieves the guaranteed profit.

The cash consideration will be funded by internal resources of the Group. As of December 31, 2021, Energy Solution Global reported revenue of MYR 39.1 million, profit after taxation of MYR 3.2 million and net assets of MYR 17.2 million. The transaction is subject to due diligence, approval of shareholder of Furniweb Holdings Limited, the GEM Listing Committee granting the listing of, and permission to, deal in the Consideration Shares and the Additional Consideration Shares and obtaining by PRG of the approvals from Bursa Securities and its shareholders.

Lego Corporate Finance Limited and Octal Capital Limited acted as financial advisors for Furniweb Holdings Limited in the transaction. As of June 30, 2022, the deal has been approved by shareholders of Furniweb.