Harn Len Corporation Bhd (KLSE:HARNLEN) entered into a conditional share sale agreement to acquire ALMAL RESOURCES SDN BHD from Datuk Mohamed Nizam Bin Mohamed Jakel for MYR 54.7 million on January 12, 2023. Upon completion of the Proposed ARSB Acquisition, ARSB will become a wholly-owned subsidiary of HLCB. As per the agreement, Cash consideration 1, to be paid to and held by the appointed stakeholder upon execution of the SSA and released to the Vendor upon the completion of the transfer and registration of the Sale Shares into HLCB?s name. To be paid to and held by the appointed stakeholder upon execution of the SSA and released to the Vendor upon the completion of the transfer and registration of the Sale Shares into HLCB?s name. Cash consideration 2, to be paid within 6 months from the date of the completion of the Proposed ARSB Acquisition. Transaction is subject to the approval of the shareholders of the Harn Len Corporation and approval of Bursa Securities for the listing and quotation of 31,266,000 Consideration Shares. As of March 9, 2023, Bursa Securities had resolved to approve the listing of and quotation for 31,266,000 new HLCB Shares to be issued pursuant to the Acquisition. The Purchase Consideration will be satisfied via a combination of the Cash Consideration and the issuance of the Consideration Shares to the Vendor. The deal is expected to be completed in second quarter, 2023. As of March 23, 2023, Harn Len Corporation Bhd issued an circular regarding the extraordinary general meeting for shareholders approval which will be held on April 7, 2023. As of April 7, 2023, the transaction was approved by Harn Len Corporation Bhd Extraordinary General Meeting. As of May 12, 2023, all Conditions Precedent as stipulated in the SSA have been duly fulfilled.

Harn Len Corporation Bhd (KLSE:HARNLEN) completed the acquisition of ALMAL RESOURCES SDN BHD from Datuk Mohamed Nizam Bin Mohamed Jakel on January 31, 2024.