Hong Seng Consolidated Berhad agreed to acquire 51% stake in Innov8tif Holdings Sdn Bhd from Innov8tif Consortium Sdn Bhd for MYR 30.9 million on January 31, 2023. The Purchase Consideration is expected to be funded via the Hong Seng's internally generated funds. The deal is subject to financial and legal due diligence, any approvals from the relevant authorities or parties as may be required by law or regulation or deemed necessary by parties and the completion of the Agreement for the Acquisition of Xendity.

The deal is expected to be completed in the 2nd quarter of year 2023 subject to the terms and conditions of the SSA. As of May 12, 2023, The Agreement has become unconditional on May 2, 2023 upon fulfillment of the conditions precedent in agreement. Hong Seng has paid a deposit in the sum of MYR 3.1 million to Innov8tif Consortium under the Agreement and shall retain a sum of MYR 3.4 million under the Agreement, as security for the performance of the 12 months' services by the key management personnel in Innov8tif Holdings and its subsidiaries.

The completion of deal shall be take place within 14 days from the Unconditional date or such other date as may be agreed upon between the parties.